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Nov 12, 2012 12:24 PM by Associated Press

Creditors propose giving Greece 2 more years

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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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