EU officials worked late into the night on Sunday to produce a deal ahead of a summit of leaders that they hope can keep Greece in the currency bloc.
Greece’s Prime Minister Lucas Papademos has headed to Brussels to fight for the aid Athens needs to avoid bankruptcy.
Under pressure from the EU to push through a bailout to save their country, Greek party leaders were struggling to agree on a new prime minister.
The Greek government is on the verge of collapse as outrage over plans for a referendum on a eurozone bailout rips through the beleaguered country.
Greek officials have held talks with EU and IMF negotiators to free up urgently needed bailout loans.
Greek Prime Minister George Papandreou faces a confidence vote on Tuesday, a hurdle he must clear to win backing for a new round of spending cuts.
Greece is likely to grind to a halt on Wednesday as protests intensify against draconian measures to secure financial aid.
European nations aim to formally launch the biggest financial bail-out of a country this week and hope it will bring calm to the markets.