Angela Merkel and Francois Hollande

The leaders of Germany and France have told Athens it should not expect leeway on its bailout agreement unless it sticks to tough reform targets.

German Chancellor Angela Merkel and French President Francois Hollande have met to discuss whether Greece should have more time to make spending cuts. The pair are both meeting Greek Prime Minister Antonis Samaras this week. He wants more time for Greece to complete reforms that are a condition of continuing to receive bailout loans, BBC reported.

The “troika” of donor bodies monitoring the bailout – the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission – are due in Athens next month. Greece’s continued access to the bailout packages depends on a favourable report from the trio.

“For me, it’s important that we all stand by our commitments, and in particular await the [publication of] the troika report, to then see what the result is,” Mrs Merkel said.

And Mr Hollande said he hoped Greece would remain within the eurozone, but added that “of course Greece must make the necessary efforts for this to happen”.

As reported, in August 22 meeting with eurozone head Jean-Claude Juncker Greece asked for more time to carry out tough spending cuts and reforms. Greece’s Prime Minister Antonis Samaras told that Greece wanted no any extra funds, just some “breathing space” to revive the economy and boost state income.

Mr Samaras is seeking an extension of up to two years for the painful steps, in order to provide Greece with the growth needed to improve its public finances.

After meeting Mr Samaras on Wednesday, Eurogroup head Jean-Claude Juncker said a decision on an extension would depend on the troika’s report. He said Greece was facing its “last chance” to make the necessary changes, but praised the “tremendous efforts” it has made so far to cut its deficit. He also stressed he was “totally opposed” to Greece leaving the euro.

At least publicly, many EU leaders remain resolutely opposed to any moves to change the terms of Greece’s bailout.

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