German Chancellor Angela Merkel urged Greece on Friday to accept an "extraordinarily generous" offer from its EU-IMF creditors, which includes at least 12 billion euros ($13.4 billion) in further rescue cash over the next five months.

Merkel and French President Francois Hollande asked Greek premier Alexis Tsipras to "accept the extraordinarily generous offer from the institutions," the chancellor said at a news briefing after the three leaders held a short meeting on the sidelines of an EU summit.