Greece is set to leave the euro after a two-year bailout deal, the first such departure since the European Central Bank launched its own bailout program in January.
Greece has been in talks with the European Commission on a transition period to be triggered if it is forced out of the currency union by a “technical” or “unilateral” agreement.
But the country’s creditors have rejected the terms.
The deal also includes a package of tax cuts for those earning more than 300 euros ($322) a year, which could boost the economy by as much as 10%.
It also includes an expansion in the countrys public sector wages.
Germans voted to leave in a referendum in late June.
But they have since been unable to agree on a new bailout deal with the EU or any other creditors.
Gross domestic product fell in the second quarter of this year, according to the latest official figures.
