Finance Ministers meet to discuss second bailout for Greece

EU Finance Ministers, including Ireland's Michael Noonan, are meeting in Luxemburg this afternoon to discuss a possible second rescue package for Greece.

Greece's debt crisis has exasperated in recent weeks, and now stands at €330bn. The Irish State has debts totalling €173bn.

It now looks as though Greece is to get a second bail-out, believed to be in the region of €120bn.

But the money is conditional on the government implementing a series of painful domestic reforms which have sparked nationwide strikes, rallies and violent riots on the streets of the capital.

If Greece were to default, it is thought the cost of borrowing would rise for other struggling eurozone countries, forcing them to default in turn.

Minister Noonan will also be looking ahead to later in the week, where a meeting of EU Finance Ministers in Brussels are thought to discuss the possibility of Ireland receiving a cut in the interest rate on our EU/ IMF bailout loan.