Greece offered six-month extension and €15bn; Tsipras calls it 'blackmail'

It is reported Greece has been offered a six-month bailout extension in return for agreeing to more austerity measures.

The package is said to be worth €15bn and would prevent a so-called Grexit.

Greece needs to make a €1.6bn repayment to the IMF by Tuesday, or risk a default.

Alexis Tsipras

The Irish Examiner's European Correspondent Anne Cahill believes a deal is very close.

"They have told the Greeks they will give them €15bn over the next five months if they accept the deal now," she said.

"Everybody expects that (between now and the end of that six-month period) they will talk about a third bailout, because of course (the Greeks) are not at the end of their woes yet."

However, the plan seems to have been rejected by the Greek prime minister Alexis Tsipras, who says his counterparts are ignoring the very principles of a European Union.

Leaving the summit, Tsipras accused others of trying to "blackmail" him.

"The European Union foundation priciples were democracy, equality, solidarity and mutual respect. These principles were not based on blackmail and ultimatums.

"No one has the right to put in danger these principles."