A €130bn bail-out of Greece will contain unprecented controls on Athens’ ability to spend aid, officials said, as European leaders scrambled yesterday to paper over their divisions on the rescue package.

The agreement, which officials hope to finalise on Monday, is likely to include an escrow account that must always contain enough cash to pay Greece’s debt for nine to 12 months. If the account falls below that level, funding will be taken from aid earmarked to run the Greek government, according to people briefed on the talks. In addition, the new bail-out will include a permanent and beefed-up presence of international monitors who will attempt to keep real-time tabs on the Greek government’s spending decisions, officials said.

If the deal is finalised by Monday, it will still include a list of 24 “prior actions” which Greece must complete by the end of the month before new aid is forthcoming.