Greece Rejects 10-Month Extension in Bailout Talks

International creditors offered Greece an extension of its bailout package until late March 2016, the Wall Street Journal learned from three people familiar with negotiations on Monday.

MOSCOW (Sputnik) — Greek, European Commission and Eurogroup leaders met last Wednesday in Brussels to discuss a possible compromise on Athens' refusal to implement strenuous reforms in exchange for additional aid. The bailout talks stumbled, but the European Commission said in a follow-up statement the sides were due to meet again.

"What we offered would mean that Greece is fully financed until March 2016," the outlet cites one of the individuals, adding that the sum in question amounted to 10.9 billion euros ($12.2 billion).

European Commission President Jean-Claude Juncker and Eurogroup President Jeroen Dijsselbloem's proposal was shut down by Greek Prime Minister Alexis Tsipras as "unacceptable," the WSJ notes.

Athens in teetering on the brink of a default in light of Tsipras' campaign pledge to reject austerity in exchange for the Eurozone's, European Central Bank's and the International Monetary Fund's loans.

Greece's national debt is estimated to stand at nearly $350 billion.