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Greece needs to implement "the requirements of the agenda" set by its three lenders in order to avoid bankruptcy, German Chancellor Angela Merkel insisted at the 50th national conference of the Protestant Working Group of the CDU/CSU, in Berlin, Friday. Addressing her party members, the German Chancellor said currently the basis to make any decision on Monday does not exist, because Greece failed to convince its lenders - the International Monetary Fund (IMF), EU and European Central Bank (ECB) - of its proposal the previous day. An emergency summit of the heads of state and government of the Eurogroup has been scheduled for Monday, in an attempt to prevent Greece from defaulting. Should the Greek government not be able to present a plan that convinces the institutions (formerly referred to as the 'Troika') at the summit, then it will merely be a "consultation summit" and the Eurogroup members "will have to wait," Merkel said. The Greek government and its three lenders are currently in deadlock over the last instalment of €7.2 billion ($8.1bn) in rescue funds. Greece still owes €1.6 billion ($1.8 billion) to the IMF, which is due to be re-paid at the end of June. In the meantime the ECB has agreed to make more emergency funds available to Greece, but the amount of the funds available has not been confirmed. The Greek government was hoping to get an additional €3.5bn ($3.9bn), but it may have just received enough money to tie it over until the summit on Monday.
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