The Tanaiste Eamon Gilmore has warned that failure to conclude an agreement would be "catastrophic" for Ireland.
International news agency Reuters reported at the weekend that the ECB had rejected Ireland's proposal to avoid making a €3.1 billion payment on the Anglo Promissory notes at the end of March.
Yesterday the Transport Minister Leo Varadkar admitted that changes are needed to Irelands proposal, but he didn't say what those changes would be.
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Donal O'Mahony, Strategist at Davy Stockbrokers says if a deal fails to materialise - the damage will be felt more by the Government than the markets:
