"There is a deal," a diplomatic source told newswire agency AFP after a meeting of eurozone leaders on the sidelines of a full European Union summit.
The unprecedented tie-up, which a French government source said would be two-thirds funded by eurozone contributions and one third by the International Monetary Fund, will only be activated as a "last resort" and will involve unsubsidised interest rates, according to a text released by Berlin and Paris.
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For loans to be activated, all eurozone members must agree although a top European official admitted contributions will effectively be voluntary.
No sums have been advanced, but diplomats have consistently spoken over recent weeks of figures upwards of 20 billion euros.
