AKIPRESS.COM - Greece has formally asked the European Union for a loan extension following weeks of disagreement over its international bailout, say reports.

The country is seeking a six-month assistance package rather than a renewal of the existing deal which comes with tough austerity conditions.

Details of the request have not been made public.

Greece is likely to run out of money by the end of the month unless a compromise is reached.

On Monday night, Greece rejected a plan to extend its €240bn (£178bn) bailout, describing it as "absurd".