According to reports from Bloomberg that cited people with knowledge of the bailout talks, the EU governments and the International Monetary Fund would provide as much as 45 billion euros to debt-laden Greece to help the nation avoid default.

As for other news reports, Reuters quoted euro zone official sources on Thursday saying that the bailout for Greece is likely to total 120 billion euros instead of the 90 billion euors previously suggested.

The rumors are circulating the market and the focus on Greece intensifies with fears over the debate on debt restructuring, rollover or swaps as Germany suggests. The volatility will be reflected on the euro and the speculation will continue to mount until next week's Ecofin meeting to provide more details on the package for Greece.