Greece and its eurozone partners seem to be on the verge of striking a compromise over the extension of the country's financial rescue package.

Varoius media reports from Brussels suggested on Friday evening that eurozone finance ministers have drafted a blueprint that could become the basis for accepting Greece’s request for extending the bailout agreement, potentially staving off a financial crisis in the eurozone.

However, according to officials from both sides, there was no formal deal on a common text in the full 19-nation eurogroup of finance ministers, Reuters said.

"There is an initial agreement on a joint draft text among the institutional partners, which is now being presented to all of the ministers," a Greek government official has said following preparatory talks involving the finance ministers of Greece and Germany, as well as the IMF managing director.

According to an unnamed eurozone official, the negotiations led by Dutch finance minister Jeroen Dijsselbloem, who is heading the eurogroup, have produced a common communiqu? on the extension of the bailout programme, the FT said.

Failure to win an extension of Greece's bailout could send the country into default, signalling its exit from the euro.

Greece’s rescue program is due to expire at the end of this month. Earlier this week, the Greek government requested an extension -- a step that prompted Friday's emergency meeting of eurozone finance ministers.

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