Six weeks to solve the crisis. That was George Osborne's stark warning last Friday, after world stock markets had been battered by fears that the world is heading for a new recession.
Three days later, and the clock is ticking. Last night, high-level talks in Washington DC between top finance ministers and International Monetary Fund officials broke up without any clear signs of a deal. There is talk of creating a €2tn warchest to rescue Europe's struggling countries, but no clear idea how this will happen.
Financial markets will give their verdict on the Washington talks today – the early reaction from Asia has not been favourable, with most markets falling sharply. Investors in London are predicting more losses here too – but trading is likely to be volatile.
We'll bring you all the key developments in the European debt crisis today. Let us know what you think too, below the line…
European stock markets have just opened - with another bout of heavy selling. The FTSE 100 index fell by 92 points, sending the blue-chip index slumping back through the 5,000 point mark to 4974 points.
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