European leaders are due to meet in Brussels shortly today to discuss a new bail out plan for Greece, amid calls for urgent action to prevent its debt crisis spreading to other Eurozone countries. The French President Nicolas Sarkozy and the German Chancellor Angela Merkel held seven hours of late night talks. Both the leaders have sorted out their dispute over involving private creditors in a second financial rescue of debt-laden Greece. The move cleared the way for a deal at the emergency summit of Eurozone leaders in Brussels. Earlier, Chancellor Merkel pressed for involving private creditors to share the costs of the proposed bailout, while Sarkozy favoured voluntary involvement, fearing that French banks with huge exposure to Greece's debts will suffer heavy losses.The Eurozone leaders have been under pressure in the past weeks to reach a speedy agreement on a second rescue package of about 120 billion Euros to deal with the Greek crisis and safeguard the stability of their common currency.