G20 consider €3trn rescue package for eurozone
The 20 richest nations are considering a €3trn rescue package to save the eurozone.
G20 finance chiefs are meeting in Washington today and it is expected the Finance Minister Michael Noonan will address the delegation on Ireland's progress so far with our EU/IMF bailout package.
The G20 have started drawing up plans to expand the European bailout fund to prepare for a possible Greek default which experts say may be as soon as November.
The International Monetary Fund has also been discussing what it is describing as a "dangerous new phase".
Its members said they will continue to watch the situation but are willing to take bold action if it is needed.
Head of the IMF, Christine Lagarde, said working together is "vital".
However, the message from the IMF is unlikely to calm financial markets, which have plummeted over the past week as the crisis in the Eurozone heightens.
Speaking in Washington, the British Chancellor George Osbourne denied claims that a blueprint for a Greek default has been drawn up.
