According to sources, the Euro-area officials are considering a plan that would see the European Stability Mechanism (ESM) set up multiple credit lines for the region's governments.

In addition to tapping into EUR 410 billion of ESM money to reduce borrowing costs, such agreements could also pave the way for the European Central Bank (ECB) to buy vast amounts of sovereign bonds through its Outright Monetary Transactions (OMT) program if the stability of the Eurozone is at threat, the Bloomberg notes.