Greece, the EU and the IMF are “very close” to agreement on the details of the bailout plan for Greece.

Greek government sources say a deal will be announced on Sunday.

The country’s credit rating has been downgraded to “junk status”, whilst Spain and Portugal have also seen their ratings fall.

The head of Fitch global ratings agency, Brian Coulton, says whilst Ireland has its problems – it is unlikely to need a bailout like Greece.

“I think the fact that the Irish government  – although woke up with a very big problem – was pretty quick on instigating the measures, very tough measures and very difficult measures, but they actually went ahead and did them” he said.

“(The government) have shown their willingness to implement” he added.