An agreement on Greek debt is imminent, according to the president of International Chamber of Commerce there.

"It seems an agreement is imminent", Nicolas Vernicos told Newstalk Breakfast.

"All parties concerned are ready to reach an agreement", he said, but he also warned "I don't think that this agreement is going to solve the Greek problem, because the debt is really high".

"There are many ways to discount the debt - you don't have to cut the capital - you can extend for many years the repayment".

"I believe that some kind of relief is going to be found, it has to be found", he added.

Meanwhile the Taoiseach Enda Kenny says Eurozone leaders are 'absolutely' unanimous in their support for Greece staying in the single currency.

There is renewed optimism that a deal can be reached to prevent Athens from defaulting on a €1.6bn loan after new proposals were brought forward by the Greek Prime Minister.

Meanwhile, the European Central Bank (ECB) is expected to give more funding to Greek banks today, as mass withdrawals continue.

Mr Kenny says European leaders are now committed to keeping Greece in the Euro.

And the European Commission chief has said he is "convinced" an agreement can be reached this week aimed at preventing Greece defaulting on its debts.

Jean-Claude Juncker was speaking after an emergency summit of European leaders in Brussels discussing Athens' new budget proposals to raise billions more euros.

The Greece plan includes:

• Streamlining the complex VAT system by getting rid of some exemptions, including on the country's islands. This would make goods 30% more expensive for tourists on the islands as there is currently a 30% discount. The plan could raise €1.36bn by next year.
• Early retirement would be restricted, potentially raising €300m 
• Pension contributions would be increased by 3.9%, raising a further €800m and there would be a special one-off tax for profitable businesses
• Changes to corporation tax, increasing tax paid by the rich, expected to raise €815m 

Earlier, talks between Greece and the Eurogroup of finance ministers on how to prevent the nation crashing out of the single currency ended without a bailout deal.

The ministers will meet again on Wednesday and there is optimism that an agreement can be reached between Greece and EU creditors, with the French President Francois Hollande saying the EU was "moving towards a deal".

'Committed to finding a solution'

Greece has been kept afloat by two bailouts totalling €240bn, but the programme is due to expire at the end of June, on the same day the country owes €1.6bn to the International Monetary Fund (IMF).

European Council President Donald Tusk said "all parties are committed to finding a solution" and the proposals were "positive" while European Commission President Mr Juncker described them as "a major step".

Mr Juncker added: "I am convinced that we will come to a final agreement in the course of this week" after a five-month stand-off.

But German Chancellor Angela Merkel, whose country is Greece's biggest creditor, was more cautious.

She said of a final deal: "I can't give any guarantee that that will happen. There's still a lot of work to be done."

And Mr Hollande also cautioned: "There is still work to be done... every effort must be made so that when eurozone finance ministers meet on Wednesday, a solution is in sight."

It is hoped a plan for a deal can be presented to EU leaders at a summit the following day.