Creditors said to be wrapping up Greek proposal

Representatives from Greece’s creditors are meeting to wrap up a new proposal aimed at breaking a deadlock for the disbursement of new bailout funds, two people familiar with the matter said.

The fresh drive comes after European leaders and the head of the International Monetary Fund huddled late into the night in Berlin on Monday and agreed to intensify talks over Greece’s fate.

The creditors haven’t yet decided whether they will allow the new proposal to be modified. Also being debated is the manner in which it would be presented to Greece, said one of the people, who spoke on the condition of anonymity.

One of the options being considered would be for German Chancellor Angela Merkel and French President Francois Hollande to present the offer to Greek Prime Minister Alexis Tsipras, the person said.