By Jonathan Davies
The outline of a deal to secure more bailout funds for Greece has been agreed, the country's finance minister has said, according to BBC economics editor Robert Peston.
Giorgos Stathakis told Mr Peston that he believes the latest proposals offered by Greece have "broken the deadlock" with its creditors.
He said he expects European leaders to issue a communique, saying there is now a basis for a deal. Mr Stathakis did admit that some "technical work" would need to take place in order to finalise the agreement.
But this is looking like the biggest development in the Greek debt crisis in months.
It comes as European leaders gathered in Brussels for what was described as a potential 'make or break' summit over the Greek debt crisis.
Greece's Prime Minister Alexis Tsipras yesterday (Sunday) submitted new proposals for economic reform. Some reports had suggested the proposals were received too late to even be discussed at today's summit.
The new proposals were aimed at preventing the country from defaulting on a €1.6 billion repayment to the International Monetary Fund (IMF), due at the end of the month.
One European official is understood to have said the new proposals had plenty of promise.
Mr Tsipras met with Greece's three creditors - the IMF, EU and European Central Bank (ECB) - before meeting with the leaders of the 18 other eurozone nations.
Italian Prime Minister Matteo Renzi has called on both sides to seize this "window of opportunity".
It is understood Mr Tsipras has made some concessions on austerity measures in the proposals. His left-wing, anti-austerity Syriza Party vowed to fight austerity measures when it was elected in January.
Louka Katseli, the head of the National Bank of Greece said it would be "insane" not to reach an agreement in Brussels. She also added that the Greek banking system is facing serious problems, which would become severe without a new deal.