BERLIN (AP) -- A draft document from Greece's international creditors proposes granting the country two more years to meet its ambitious debt reduction targets.
The memorandum of understanding, obtained by The Associated Press in Berlin on Monday, says the extension "will mitigate the impact on the economy" as the country heads into its sixth year of recession.
Greece has been asking for more time to implement reforms and budget cuts so that it can become self-sufficient.
The country's so-called "troika" of creditors -- the European Central Bank, the European Commission and the International Monetary Fund -- stresses the targets for Athens remain ambitious.
The draft document does not specify how much additional assistance Greece will need and how it could be financed if European finance ministers this week agree to the extension.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.