European banks and finance officials are nearing a proposal to roll over banks' holdings of Greek sovereign debt without prompting ratings agencies to declare a default, two senior European banking sources said on Friday.

The proposal foresees a voluntary debt rollover into securities of a different and not comparable credit composition, the sources told Reuters on Friday.

Banks, insurers and national finance officials have held meetings this week to seek a solution to Greece's sovereign debt crisis.

German private creditors have been asked by the country's finance ministry to submit data on their Greek exposure and their intentions to roll over the debt by early next week, two other sources familiar with the meetings said.

(Reporting by Alex Chambers, Jonathan Gould and Philipp Halstrick)