The plan, which advocates believe could raise €30bn ($42.5bn) over three years, could help satisfy German and Dutch demands that private holders of Greek bonds contribute to a new €115bn bail-out.

It would also likely avoid a default on Greek debt, which is being fiercely resisted by the European Central Bank.

Both Berlin and The Hague are still insisting that other options for private bondholder participation be included however, and one senior European official said a “sensible” version of other recent proposals is likely to be adopted.

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