Talks held between Chancellor of Germany Angela Merkel and French President Nicolas Sarkozy in Brussels before the start of a European conference have led to an agreement on emergency aid for Greece.

It is not yet known exactly what the French-German plan will entail, but both European Member States and the International Monetary Fund are to play a role. Individual member states will be able to offer Greece, which has a huge budget deficit, financial help.

Ms Merkel, Mr Sarkozy and the head of the European Central Bank Jean-Claude Trichet are currently discussing the matter with President of the European Council Herman Van Rompuy. The proposal will then be put to the fourteen other eurozone countries.