Tsipras Cites Blackmail as Merkel Prods Greece to Take Offer

German Chancellor Angela Merkel pressed the Greek government to accept a “generous” offer made by creditors, as Prime Minister Alexis Tsipras lamented the terms demanded in return for aid.

Euro-area finance ministers are due to meet on Saturday to try and hammer out an agreement with Greece, armed with a proposal by creditors to unlock as much as 15.5 billion euros ($17.3 billion) and extend Greece’s program through November. The offer is completely inadequate and not acceptable, a Greek government official said in an e-mail to reporters.

The euro fell in response to the Greek government’s rejection of the offer to unfreeze rescue funding in four installments through to November. Nerves are fraying after a week of frenetic discussions in Brussels that will culminate in what Merkel described as a “decisive” meeting to end a five-month standoff with Greece.

Negotiations will continue overnight and a Greek decision won’t be made…