Ministers and senior officials from Greece and its four main creditor countries - Germany, France the Netherlands and Finland - are reported to be meeting in Luxembourg tonight to discuss the Greek debt situation.

Officials have denied reports that Greece is contemplating leaving the single currency.

Greek Finance Minister George Papaconstantinou did not discuss Greece's exit from the euro, Greece’s finance ministry said in a statement.

‘The minister was invited to exchange views (on issues including) economic developments in Greece,’ the statement said.

‘It is clear that during this meeting it was never discussed or posed as an issue whether Greece would remain in the eurozone.’

Greece has a national debt estimated at €330bn, and its debt GDP ratio is currently expected to peak at 170% in 2013.

The question of restructuring Greek sovereign debt has been under discussion since at least the start of April.

The European Central Bank is strongly opposed to any debt restructuring.

Earlier officials denied reports in the German news magazine Der Spiegel that a secret meeting of the Eurozone was to take place to discuss a Greek demand to leave the single currency.

The Greek finance ministry issued a statement condemning the report as irresponsible and highly damaging to Greece.

The Department of Finance in Dublin declined to comment on any media reports relating to meetings in Luxembourg.

The Euro fell in trading against the dollar to $1.44 after the report appeared.

Meanwhile an EU source told RTÉ news that the European Commission is preparing a written procedure to cut the interest rate EU loans to Ireland.

The documents will be issued to member states by the middle of next week, but a decision can only be taken by all 27 member states of the EU.

Finance minsters are scheduled to meet in Brussels on 16 May, where they are expected to ratify the terms of the Portuguese bailout as well.