Greece's international creditors on Friday offered Athens a five-month, 12 billion euro ($13.4 billion) extension of its bailout program but said it must seal a deal this weekend to avoid an International Monetary Fund (IMF) default next week.

Angela Merkel and Francois Hollande discussed financing plans with leftist Greek Prime Minister Alexis Tsipras on the eve of a "decisive" meeting of eurozone finance ministers aimed at finding a deal to end the crisis.

The offer came after intensive talks in Brussels recently to end the standoff between Tsipras' anti-austerity government, which has balked at further reforms-for-cash after five years of bailout-imposed economic hardship.

Creditors are ready to ­quickly disburse 1.8 billion ­euros in financial aid to help Athens meet a 1.5 billion euro IMF debt repayment on June 30 as long as the Greek parliament approves disputed reforms, according to proposals.

German finance minister Wolfgang Schaeuble said the chances for a bailout deal stand at about "50-50," with European markets fluctuating as Greece's fate remains in suspense.

German Chancellor Merkel and French President Hollande told Tsipras in brief talks on the sidelines of an EU summit that another emergency Eurogroup meeting of finance ministers on Saturday was now critical for an agreement.