Germany is set to hold fresh elections on February 23, eleven weeks after the collapse of Chancellor Olaf Scholz's governing coalition, with sources on Tuesday saying the Social Democrats, Greens and conservatives had reached a compromise on timing.

The decision follows a budget fight that prompted Chancellor Olaf Scholz to fire his finance minister and announce a confidence vote that is widely expected to fail.

Germany's Social Democrats, Greens and conservatives have proposed Feb. 23 as a date for a new election, sources told Reuters on Tuesday. The Rheinische Post newspaper first reported the date. (Reporting by Andreas Rinke;