In the lead up to the summit, analysts speculated that euro area common bonds ("eurobonds") would top the docket for discussion, with French President Francois Hollande, Spanish PM Mariano Rajoy, and Italian PM Mario Monti all prepared to face off against the anti-eurobond Angela Merkel.

Here are the major developments we've seen so far:

 

Merkel confirmed that nothing will happen at today's EU summit in statements made to reporters.

 

According to German newspaper Die Zeit, the European Central Bank has already set up a crisis committee to prepare for a possible Greek exit from the eurozone.

 

A Eurogroup draft document seen by Reuters suggested that the European Union offer Greece €50 billion to leave the euro quietly (via ForexLive).

 

Clemens Fuest, a senior advisor to the German Finance Ministry, told us that the German government is not as resolute about Greece sticking to its current bailout plan as they'd like everyone to believe.