Italian media say the International Monetary Fund has drafted a plan to bail out Italy with up to 600 billion euros or roughly 794 billion U.S. dollars.

The media said the IMF would lock in rates of four to five percent on the bailout loan for a 12 to 18 month period, and the interest rate is far better than the borrowing costs on commercial debt markets.

Other options are also being reviewed, including a provision of bailout funds by the European Central Bank with the IMF acting as the guarantor.

Meanwhile, U.S. and European Union leaders will meet at the White House Monday to find a solution to the euro zone debt crisis.

U.S. President Barack Obama, European Council President Herman Van Rompuy and President of the European Commission José Manuel Barroso will attend the meeting.

During the talks, the EU leaders are expected to ask for U.S. cooperation in soliciting international support in bailing out the euro zone including more efforts from the IMF.