THE EURO crisis has cranked up another mark as the EU struggled to raise €3bn on the markets for Ireland.
Italian and Spanish bonds rocketed to new highs and the ECB were forced to step in and buy Italian bonds.
Meanwhile, Russia has turned down the opportunity to assist the IMF's pledge to support Europe's sovereign debt crisis.
Russian foreign minister Sergei Lavrov made it clear Russia would not be willing to lend directly to eurozone's rescue fund, preferring to channel any support through the IMF.
Eurozone finance ministers were locked in discussions proposed by the European Financial Stability Facility aimed at increasing the amount of money available to defend the euro to €1 trillion.