BRUSSELS—A document prepared by Germany’s finance ministry and seen by The Wall Street Journal floats a “timeout” for Greece from the eurozone for “at least the next five years” as one of two options for dealing with the debt-ridden country.

The one-page document, titled “Comments on the Latest Greek Proposals,” was sent by German State Secretary of Finance Thomas Steffen to some colleagues from other eurozone countries and institutions, according to two people familiar with the document. It hasn’t been discussed by eurozone...