French president Nicolas Sarkozy and German chancellor Angela Merkel have reached a joint position regarding a second bailout of Greece after seven hours of talks yesterday in order to prevent the country's crisis from spreading to other European countries, government from both sides said.

The details of the seven hour talks will be discussed today at the summit as nothing has been revealed yet and we should note that the president of the ECB Jean-Claude Trichet joined the two most powerful states in the euro zone with for parts of their talks.

The summit will be held today in Brussels starting at 11:00 GMT and it will include all the 17 leaders of the zone, who are trying hard to prevent fears and concerns that Greece will fall in its own debt and affect the bond market in bigger states such as Italy and Spain.