European debt crisis

Deutsche Bank has circulated a chart describing the five necessary steps in order for Greece to avoid an exit from the Eurozone, the financial markets' "bogeyman" known as "Grexit".

-The first step is a short-term bailout extension, or "loan agreement" extension, as Athens prefers to call it.

By Xenia Kounalaki

Finance ministers from the 19 eurozone member states were discussing a potential four-month extension for Greece's bailout programme at an emergency meeting in Brussels on Friday night.

The WSJ quoted a Greek official as saying there was "broad consensus" on a common statement by finance ministers.

Greece and its eurozone partners seem to be on the verge of striking a compromise over the extension of the country's financial rescue package.

Eurozone finance ministers have drafted a common text with Greece that Greek and eurozone officials said on Friday could form the basis for an agreement to extend Athens' bailout package.

Officials stressed that there was as yet no formal agreement in the full meeting of the Eurogroup of 19 finance ministers.

By Jan Strupczewski & Renee Maltezou

Greece's leftist prime minister said on Friday he was certain eurozone finance ministers would accept Athens' request for an extended loan but Germany demanded "significant improvements" in Greek reform commitments.

The European Central Bank is preparing for the event that Greece leaves the euro zone and its staff are readying contingency plans for how the rest of the bloc could be kept intact, German news magazine Spiegel reported in a preview of its magazine.

The ECB declined to comment on the report.

By Mark Whitehouse

Finnish Finance Minister Antti Rinne said in a live-streamed interview that he saw "a ray of hope" that an understanding can be reached between eurozone creditors and Greece on Friday.

According to diplomatic sources there are signs of progress.

Same sources also indicate that there is no deadlock issue and Eurozone Ministers of Finance will most likely head towards a solution tomorrow, which will be accepted by all euro member states.