The Finance Minister Michael Noonan says he does not expect any deal on Greek debts to be reached today.

But Mr Noonan says there is no immediate threat to Ireland if Greece cannot strike a deal and has to leave the Eurozone.

His Greek counterpart, Yanis Varoufakis, is due to address a meeting of finance ministers in Luxembourg later as his country appeals for leniency in exchange for more bailout loans.

But ahead of the meeting, Mr Noonan said other nations have gone as far as they can to keep Greece in the Eurozone.

The Greek Central Bank has warned that failure to reach a deal on the country's debt could lead to an 'uncontrollable crisis'.

Greece needs to repay more than €1.5bn to the International Monetary Fund (IMF) by the end of the month, but will not be able to unless its lenders agree to release a final €7.2bn tranche of rescue funds in exchange for further fiscal reforms.

Proposed cuts to pensions and other belt-tightening measures proposed by the European Commission, European Central Bank and IMF have so far been rejected by the Greek leadership.

Speaking yesterday Prime Minister Tsipras described the demands as "incomprehensible".

He said: "The insistence that this money must come from new cuts to pensions from us is an incomprehensible insistence, and we must, not with technocrats, but leaders in Europe now come to a political decision".

EU Commission vice-president Valdis Dombrovskis condemned the positions being taken, saying "it is important the Greek side actually not only communicates what they do not want to do, but also what they do want to do".

The Irish Times European correspondent, Suzanne Lynch, told Newstalk Breakfast earlier the chances of a Greek default are increasing by the minute.