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Eurozone leaders have spent the night trying to thrash out a Greek bailout deal after Athens was told to pass a series of sweeping reforms by Wednesday or face exiting the euro.
Greece wants a new loan of €53.5bn (£38.5bn) over three years to avoid financial collapse and a potential exit from the single currency.
Officials in Brussels said the figure may have to be much higher - up to €86bn (£61.6bn) - and they have insisted on tougher austerity measures at an emergency summit that has yet to produce an agreement after more than 15 hours of talks.
It would appear there are two main sticking points, with Greek prime minister Alexis Tsipras holding out against the involvement of the International Monetary Fund (IMF) in any bailout.
The other is disagreement over a demand that Greece sets aside €50bn (£35.8bn) worth of state-owned assets in a fund for eventual privatisation.
But in a sign of division among the leaders, a document sent to them by finance ministers also included an option for Greece to temporarily leave the euro if no deal was agreed - a potential "time-out".
Not all ministers have endorsed this idea, which a senior EU source said was illegal and would not make it into the summit statement.
The Greek government has apparently agreed to a series of demands it previously criticised. In the document, Greece agreed to carry out "ambitious" pension and tax reforms and "significantly" increase its privatisation programme.