The leaders of Greece, Germany, France and the EU have reached a "compromise" on a bailout deal for Athens at late-night talks on Monday which will now be put to the rest of the eurozone, a European source says.
Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel, French President Francois Hollande and EU president Donald Tusk hammered out the proposal on the sidelines of an emergency summit of the 19 countries that use the euro, the source told AFP.
"There is a four-way deal which will now be put to the 19," said the source, who spoke on condition of anonymity.
Tusk's spokesman Preben Aamann said separately on Twitter that the EU leader had reconvened the full summit "with (a) compromise proposal", but gave no further details.
Eurozone leaders have been meeting into the early hours to thrash out a bailout deal, after Athens received an ultimatum to accept harsh reforms or be cast out of the single currency.
A Greek government official said they still had issues with the proposal, which calls for far-reaching economic reforms by Athens in exchange for a third bailout since 2010.
"We don't have a deal because two big issues remain open - the IMF role and the Luxembourg €50 billion fund," the Greek official said.
The Eurozone proposals insist on the International Monetary Fund having a part in any future bailout, and call for Greece to put aside assets worth up to €50 billion for privatisation.
"The rest is okay, but not very okay. With a gun to your head, you would say okay too," the Greek source said.