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Greece bailout package 'agreed by Germany and France'

The deal will also involve the International Monetary Fund and is expected to include 22 billion euros of funding for Greece, sources said.

It is now up to European Union President Herman Van Rompuy to call a summit of eurozone leaders possibly later tonight to consider the French-German deal, after talks attended by all 27 European Union heads of state.

The meeting would ask Van Rompuy to draw up detailed plans “before year end to show all the options possible” for bailing out eurozone nations in future. That would include preventive measures and sanctions, a diplomat said.

Spanish government spokeswoman Cristina Gallach said she could not confirm any deal but that Spain – which heads most European Union talks because it holds the EU’s rotating presidency – was “hopeful” that a solution could be found at the talks for Greece’s debt woes.