Angela Merkel

German and French leaders have come to a consensus over the second bailout for Greece in a move to avert crisis for the whole Europe and the world.

After 7 hours of talks between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin. European Central Bank President Jean-Claude Trichet was present for part of their talks.

Now their decision will be presented to crisis summit in Brussels on Thursday starting at 1100 GMT of all 17 leaders of the bloc.

On Tuesday the US President Barack Obama talked to German Chancellor Angela Merkel and urged European countries to prevent a "disastrous" default by Greece. He promised that the United States would also provide its support as it fears the impact of euro crisis on its own economy.

Obama underlined the importance of German "leadership" on the issue. He clearly gave to understand that he expects Berlin to intervene.

"German policy is a danger for Europe, it could destroy the European project," according to George Soros interview released on Wednesday.

He claims, German's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out.