Eurozone leaders discussing compromise solution in Brussels

Euro zone leaders at an emergency summit in Brussels were to reconvene in full session early on Monday to discuss a compromise proposal on a third bailout for Greece, a spokesman for summit chairman Donald Tusk said.

"Tusk expects to reconvene euro summit in 10 minutes on Greece with compromise proposal," he tweeted just after 4 a.m. (0200 GMT).

The meeting was suspended for over four hours while Tusk, German Chancellor Angela Merkel and French President Francois Hollande held talks with Greek Prime Minister Alexis Tsipras. 

Athens objected to the role suggested for the IMF and to proposals for an independent fund to hold Greek assets ahead of privatisation, a Greek government official said.

Euro zone leaders were still seeking a breakthrough after some 13 hours of talks in Brussels. Finance ministers from the 19 euro zone members had on Sunday put forward proposals including transferring up to 50 billion euros of Greek assets to an external and independent fund. They also want the IMF involved in any programme, something Greece objects to. 

[Reuters]