The debt plan offer by French President Nicolas Sarkozy and German Chancellor Angela Merkel, was endorsed by U.S. Treasury Secretary Timothy Geithner.
The plan would improve the eurozone through tighter budget discipline, the British newspaper The Guardian reported.
"We are very encouraged with the progress that is being made," the newspaper quoted Geithner as saying after meeting with French Finance Minister Francois Baroin.
Geithner said eurozone governments were capable of putting in place the economic reforms needed to restore growth in the region, UPI.com reported.
German and French officials said they doubt the European Union summit on Thursday and Friday in Brussels would create a comprehensive EU-wide accord.
"I am more pessimistic than I was last week that there will be an overall agreement," a senior German official said to reporters, speaking on condition of anonymity. "A lot of the protagonists still have not understood how serious the situation is."
Scheduled to start Thursday night, the two-day Brussels summit of leaders of all 27 EU members, has been called as the last chance to save the euro. The most likely summit result, a senior French official said, is that a deal will be reached but only within the 17-nation eurozone.
