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(CNN) -- European leaders agreed on Thursday to provide a second bailout package for Greece and drastically expand rescue funds to prevent financial crisis spreading through the eurozone, reports said. According to a draft proposal, obtained by several media organizations, the European Union will provide additional loans with longer pay back periods "to decisively improve the debt sustainability and refinancing profile of Greece." A spokesman for the European Council, which called the emergency summit of the 17 eurozone nations in Brussels, said he could not confirm the report.