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Greece will ask its euro zone creditors for a six-month extension on its loan program on Thursday, the Greek finance ministry has confirmed.
The country's new anti-austerity government is still in the process of drafting the request, which will see Greece seek a further four-to-six-month extension on its loan agreement, which expires at the end of this month.
Whether an emergency Eurogroup meeting will be held after Greece's request is uncertain, the Greek finance ministry told CNBC Wednesday.
The new loan agreement is separate to further bailout measures, for which Greece is still in talks with its lenders on, as it yet to agree on reform and austerity conditions of any new funding.
Tension mounted earlier in the week after negotiations between Greece and the Eurogroup broke, adding to investor fears of a possible "Grexit" or Greek exit from the euro zone.
Read MoreGreece: The final countdown
The European Central Bank has said it would hold off on cutting emergency funding for Greek banks, preventing a possible default which could spark a potential exit.
CNBC takes a look at the possible pathways Greece could leave the currency bloc.