Eurozone finance ministers look set to approve a second bailout for Greece, with French Finance Minister Francois Baroin saying everything is in place for reaching agreement on the €130bn rescue package.
Ireland is being represented at the meeting by Minister of State, Brian Hayes, as Minister for Finance Michael Noonan is unable to attend due to a family illness.
When asked if finance ministers will approve a second bailout for Greece at today’s meeting, Mr Hayes said: "There's some confidence, but it very much depends."
He said he believed that the negotiations had dragged on for too long and that there was fault on all sides for that.
Minister Hayes said that now was the time to get the issue of the Greek bailout "over the line".
He said the issue had "bedevilled" eurozone negotiations over the past year, and 2012 should herald a move towards a new agenda of jobs and growth.
Mr Hayes added that if the European Union could help Greece get its debt to a sustainable level, then its economy could grow.
All the elements for agreement in place
French Finance Minister Mr Baroin said all the elements were in place to reach an agreement and Greek Finance Minister Evangelos Venizelos also said he expected a deal today.
However, the bailout will not ease any the immediate pressure on Greek citizens who have endured five years of recession and, under this plan, face reduced wages, pensions as well as new cuts on health budgets.
The European Union and International Monetary Fund want Greece's debt level to reduce from 160% to 120% of Gross Domestic Product by the year 2020, but it is still unclear if this deal will achieve that goal.
On this issue, Minister Hayes said: "I am hopeful we can achieve this."
Finance ministers could change their 2020 target in order to clinch agreement, but it would then lead to renewed questions as to whether their plan for Greece is sustainable at all.
Without the EU-IMF bailout, Greece will almost inevitably go bankrupt next month.
If that happened, countries already in bailout programmes - like Portugal and Ireland - would feel the dramatic aftershocks first.
Letter on trade growth sent to EC heads
The Taoiseach has signed a joint letter with ten other EU member states calling for greater use of trade and liberalising services to boost growth across the European Union.
The letter has been sent to the presidents of the European Council and Commission ahead of next week's summit of EU leaders in Brussels.
The other signatories are mainly from Scandanavian and Baltic member states, eurozone creditor countries, and the UK.
Neither Germany nor France participated in the letter.
The joint letter calls for quicker action to deepen the EU's single market, its services sector and its internal energy market, and calls for a digital single market by 2015.
There is also an emphasis on deeping trading links with third countries.
"This year we should conclude free trade agreements with India, Canada, countries of the Eastern neighbourhood and a number of ASEAN partners," the letter reads.
"We should also reinforce trade relations with countries in the southern neighbourhood (ie North Africa).
"Fresh impetus should be given to trade negotiations with strategic partners such as Mercosur and Japan, with negotiations with Japan launched before the summer, provided there is progress on the scope and ambition of a free trade agreement.
"The deals that are currently on the table could add €90bn to EU GDP."
