(VOVworld) - Greece is expected to request a six-month extension of its loan agreement on Wednesday. The loan would not be an extension of the current bailout agreement, which includes strict austerity measures, Greek government officials were quoted as saying. On Monday night, Greece rejected a plan to extend its 178 billion euro bailout, describing it as "absurd". It comes as the European Central Bank meets later on Wednesday to decide whether to continue providing emergency finance to Greece's struggling banks. The eurozone has given Greece until Friday to decide if it wants to continue with the current bailout deal. Greece's current bailout expires on 28 February. Any new agreement would need to be approved by national governments, so time is running out to reach a compromise.