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Greece wants 'fair solution' to debt offer stalemate

Greece wants to find a "viable and fair solution" with its EU and IMF lenders to agree an aid package, a government official has said.

On Friday, Greek prime minister Alexis Tsipras labelled a cash for reforms offer by the debts-seeking EU as "absurd".

Earlier, European Commission President Jean-Claude Juncker said a Greek exit from the single currency area is not an option but that does not me he could "pull a rabbit out of a hat" to prevent it.

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EU and Greece in final push over bailout deal

Greek prime minister Alexis Tsipras has intensified his diplomatic offensive to convince European creditors to pay out the bailout loans the country needs to avoid default.

The creditors told Greece it must improve its offer of economic reforms before they release €7.2 billion the country requires to pay debts due at the end of the month.

Alexis Tsipras after the meeting with EU leaders Credit: Reuters

In Brussels for the EU-CELAC Latin America summit, Mr Tsipras had a meeting with EU Commission president Jean-Claude Juncker and another with German chancellor Angela Merkel and French president Francois Hollande that lasted into the early hours of Thursday morning.

"We decided to intensify the effort to bridge the remaining differences and proceed - I think will proceed - to a solution," Mr Tsipras said after the talks.

The discussions came after the European Commission said the offers made by Greece last week were still not good enough to unlock the bailout funds.

"For this final push, the commission is of the view that the ball is clearly now in the court of the Greek government," commission spokesman Margaritis Schinas said.

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