Angela Merkel is demanding tough austerity measures from Greece

The European Union says negotiations on financial aid for Greece are nearly complete. Economic and monetary affairs commissioner. Ollie Rehn said experts from the commission, the European Central Bank and the International Monetary Fund have been working "day and night" in Athens to agree on a three-year programme that would involve major restructuring in Greece. German Chancellor Angela Merkel is demanding tough austerity measures from Greece in return for providing financial assistance.