Report: Big economies expect 'inevitable' Greek default

World finance ministers are believed to be making preparations for the Greek government to default on its debts.

Financial markets have been in turmoil over Athens' ability to raise taxes and cut public spending to comply with a bailout by the IMF and European Union.

It has been reported that the biggest economies are acknowledging the default is "inevitable".

The Finance Minister Michael Noonan is due to address the delegation in Washington tomorrow.