Sunday 12 July 2015 11:17 am

Greek debt crisis: Angela Merkel, Alexis Tsipras, Francois Hollande and Eurozone leaders assemble for Brussels bailout talks

Eurozone leaders have assembled in Brussels to discuss a deal to bailout Greece from its debt crisis after a morning of talks between finance ministers.

“We’re now going to inform the leaders we’ve finalised our discussion. We’ve come a long way but a couple of big issues still are open so we’re going to put those to government leaders and it’s up to them,” said European Council President Jeroen Dijsselbloem.

Greek Prime Minister Alexis Tsipras said he was looking for "an honest compromise" as he arrived at the meeting.

Read more: Where is Yanis Varoufakis?

Meanwhile the German chancellor Angela Merkel warned there would not be an agreement "at any cost"

"We have to make sure the pros outweigh the cons – for Greece's future, for the entire Eurozone and the principles of our collaboration," she said, speaking at a press conference before the meeting.

French President Francois Hollande struck a more positive note saying France would do "everything it can to ensure Greece can stay in the Eurozone”. Addressing reports that Germany's finance ministry was drawing up plans for a temporary Grexit he said: "There is a Grexit or there is not a Grexit."

European Commission President Jean-Claude Juncker echoed this more confident sentiment. "I will fight until the very last second to have a deal and I hope there will be a deal," he said.

Finnish finance minister Alex Stubb outlined three conditions for Greece that have been agreed upon as the basis for leaders' discussions.

That includes Greece implementing a number of laws by 15 July, introducing tough conditions on labour, VAT and tax reforms, and privatisation measures.

Finance ministers made headway on details of Greece's bailout proposals this morning after they were locked in talks until midnight on Saturday, causing a meeting of the 28 EU leaders to be cancelled.

Watch Tsipras speak ahead of the meeting.