Fine Gael Finance Spokesman Michael Noonan has said he expects that the International Monetary Fund would have something dramatic to announce.
Mr Noonan said restructuring the banking system would be central.
Speaking on RTÉ's This Week, Deputy Noonan said that with the emphasis the Minister for Finance put on banking he thinks the first line of intervention is probably going to be the banks rather than the four-year plan.
He said that from the language used by Mr Lenihan there has been a move away from simply putting chunks of money into recapitalising the banks and they have something in mind about restructuring.
Deputy Noonan also said the IMF tended to start its process by doing something very dramatic and he would not be surprised if the IMF would have something significant to announce in the next while.
He said the IMF will want fundamental restructuring of expenditure, which is where they will dictate on the specifics of spending cuts.
Mr Noonan said Fine Gael had previously suggested a good bank/bad bank system and added that we are going to be given a loan which will involve interest.
Deputy Noonan said people have been anxious and there is a sense of resignation, but there was a way of going forward that gives a future.
Ó Caoláin calls for Government to resign
Meanwhile, Sinn Féin Dáil leader Caoimhghín Ó Caoláin has called on the Government to resign, saying they do not have a mandate to make these decisions.
'The Fianna Fáil/Green Government has no political authority and no democratic mandate to act in the name of the Irish people and to incur further massive debt on this and future generations,' he said.
'The Minister for Finance's announcement confirms what was being denied for the past ten days by this Government - that the Government is to put the State further in hock to international money-lenders.
'The cost is to be savage and widespread cutbacks that will plunge large sections of the Irish people into poverty.'
Those comments were echoed tonight by Sinn Féin leader Gerry Adams, who reacted to the news by saying 'this Government has no mandate to do what it is doing.
'It has handed over authority for the State to outsiders in order to get a digout for the banks, which the Irish people will have to pay for.
'The Government should resign so that citizens can have their say in a General Election.'
Speaking tonight, Joan Burton, Labour’s Deputy Leader, called on the Government to convene the Dáil to discuss the package tomorrow.
'Today's Government decisions are momentous and historical', she said.
'For them to have any democratic legitimacy the Dáil should be summoned tomorrow to hear a full statement from the Taoiseach.
'The basic rules of parliamentary democracy require this.'
