New York: The euro edged lower Friday ahead of a make-or-break weekend for Greece, with the country under warning to accept the new deal from creditors or be left to default on its debts.
Greece`s official creditors offered Athens a five-month, 12-billion-euro extension of its bailout program but said it must seal the deal this weekend to avoid an IMF default next week.
The plan would include an immediate disbursement of 1.8 billion euros to help Greece meet a payment of 1.5 billion euros due to the IMF on Tuesday.
But hours after the offer was delivered, the Greek government said it "cannot accept" the proposal, saying the reforms demanded alongside the bailout extension would be recessionary and the funding insufficient.
Boris Schlossberg of BK Asset Management said foreign exchange markets were "at a virtual standstill... as traders awaited further developments in the Greek negotiations with EU."
Eurozone finance ministers will gather in Brussels on Saturday to see if a final deal can be sealed. But they have also warned that they would discuss a "plan B" if Greece has rejected the creditors` offer.
