Greek government-debt crisis

Greece submitted to Eurogroup chief Jeroen Dijsselbloem Friday an outline of seven reform proposals to form the basis for discussion at Monday?s meeting of eurozone finance ministers, but the signs from Brussels are that Athens is no closer to securing the release of its next tranche of bailout funding.

Greece?s eurozone partners on Friday increased the pressure on the new government to request an extension to the country?s bailout before an emergency summit of eurozone finance ministers on Wednesday, with officials rejecting Greek proposals for a ?bridge? agreement to be put in place until the end of May so that a new arrangement can be found.

Despite pressure from eurozone officials to agree to a further extension to the existing bailout, the Greek government insisted Friday that it would not accept its partners? offer but would instead propose the terms of a bridging agreement to see it through the next few months.

After a marathon meeting of New Democracy?s MPs where party chief Antonis Samaras sought to affirm his status as top dog inside the conservative opposition, the former prime minister is bracing for a second round of inner-party wrangling on Sunday.

Fitch Ratings said in a report on Friday that the eurozone would suffer a significant shock if Greece left, but it would be unlikely to trigger a systemic crisis like that in 2012, or another country?s rapid exit.

By Vangelis Mandravelis

The Greek bourse has apparently already priced in the clash between the new administration in Athens and the country?s creditors, as well as the expected isolation of Finance Minister Yanis Varoufakis at next week?s Eurogroup meeting, as stocks gave up less than 2 percent on Friday upon the announcement of the five-day ultimatum given to Athens to present its next moves.

EU Commissioner Pierre Moscovisi, speaking via a "spokesman", is the latest top European leader on Friday urging Athens to seek an extension to a bailout scheme ending this month.

Euro-area governments won?t grant Greece?s request for a short-term financing agreement to keep the country afloat while it renegotiates the terms of its financial support, said Jeroen Dijsselbloem, chairman of the bloc?s finance ministers? group.

Eurogroup head Jeroen Dijssenbloem on Friday again dampened the new Greek government's desire for a short-term economic deal ? dubbed the "bridge" ? until early June in order to present its proposals replacing a bailout package that concludes this month.