Eurozone leaders have talked through the night in Brussels in a bid to agree terms for a new bailout for Greece.

Reports say a draft compromise has been put to the emergency summit but no details have emerged so far.

Without a new bailout, Greece's banks face collapse and the country could exit the euro.

Greece is being told to pass legislation on a series of reforms by Wednesday before any talks on another bailout can begin.

But the BBC's Chris Morris in Brussels says there is still no agreement on exactly what Greece has to do.

Earlier, eurozone finance ministers submitted a list of measures to the leaders following two days of fraught discussions.

But one Greek government official called the proposals "very bad". Another said some of the proposals appeared designed to "humiliate" Greek Prime Minister Alexis Tsipras and his left-wing Syriza government.

The summit was paused for several hours overnight to allow talks between Mr Tsipras, German Chancellor Angela Merkel, French President Francois Hollande and European Council President Donald Tusk.

Early on Monday, Mr Tusk's spokesman announced the summit was reconvening to discuss a "compromise proposal".

The four-page document of draft proposals put forward by eurozone finance ministers include:

•    Reforms set out by Greece to be ratified by parliament by Wednesday, 15 July

•    "Ambitious" reforms to pensions and labour markets

•    International creditors to work on the ground in Athens and have full oversight of draft legislation

•    Possible transfer of €50bn in "valuable" Greek assets to external fund for eventual privatisation

•    Possible talks on "swift negotiations on a time-out from the euro area, with possible debt restructuring" if a bailout is not agreed

However, one senior EU official said there was no chance of "time-out" proposal surviving in any final document to be approved by eurozone leaders. Another official said there was no provision and therefore no legal basis for such an arrangement in the EU treaties.

Reports also emerged that Greece was holding out over the proposed role of the IMF in the new programme and over the independent fund to hold Greek assets.

Source: BBC