The leaders of Greece, Germany, France and the EU 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 told AFP.

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 said.

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.