Greek Prime Minister Alexis Tsipras dismissed on Friday the latest proposal of the international creditors to extend the country's bailout, criticising their approach as unacceptable.

Tsipras stressed that the founding principles of the EU were democracy, solidarity, equality and mutual respect rather than ultimatums and blackmail, the Greek Reporter informs.

The Greek prime minister made it clear that his government will continue fighting in favour of these principles and on behalf of the Greek and European people.

Following the conclusion of the European Council summit in Brussels, Tsipras is expected to return to Athens on Friday evening and hold an emergency cabinet meeting.

The government should discuss the latest developments in the bailout negotiations ahead of the vital Eurogroup meeting of eurozone finance ministers, which is scheduled to take place on Saturday.

According to Greek sources, the document of proposals presented to Greece by the institutions was worse than a memorandum.

Earlier on Friday, the creditors proposed to Greece a five-month extension of the current bailout programme until the end of November, which would release EUR 15.5 B of funding, EUR 1.8 B of which will be available immediately.

Greece is in an urgent need to negotiate a further bailout from its creditors before the end of the month, so it can fulfill its debt repayment to the IMF, which falls due on June 30.

In order for Greece to be granted the additional bailout of EUR 7.2 B, it will have to agree to carry out certain reforms, otherwise it risks defaulting and possibly leaving the eurozone.