The G8 leaders have stressed the importance of a "strong and cohesive" eurozone.
The G8 meeting at Camp David today will be dominated by one issue: the economy. A solution will take some dramatic diplomacy.
Alexis Tsipras, the man who would tear up the deal struck between Greece and Europe, is seen as a saviour by many.
G4S, the firm behind the Olympic security fiasco, said today its event security arm has been selected to support the Police Service of Northern Ireland at the G8 Summit being held at Lough Erne in Northern Ireland.
David Cameron outlined the three Ts he wants to discuss at June's meeting of G8 leaders in Lough Erne in Northern Ireland:
- Trade: "Firing up economies and driving prosperity," as the PM puts it;
- Tax: Cameron hopes to "galvanise collective international action" on tax evasion, including sharing information to help developing countries tackle abuses;
- Transparency: The Prime Minister wants a renewed focus on "transparency, accountability and open government" surrounding the aid given to poor countries.
The Prime Minister has told fellow G8 leaders they must start work now on preparing "bold steps" to take when they meet in Northern Ireland in June for the annual summit.
In a letter marking the start of the UK's presidency of the group, David Cameron warned he would not allow a summit where rich nations "simply whip out a chequebook at the 11th hour, pledge some money and call it a success".
The UK was looking for concrete moves in three key areas, he said, including the potential for signing up to an anti-corruption measure for extraction industries to encourage poorer countries to follow suit.
President Barack Obama says that world leaders agree on the importance of Greece remaining in the euro zone.
Speaking at a press conference following a NATO summit in Chicago, said he believed there was an increased resolve on the part of European leaders to tackle the euro zone crisis.
He also said it was crucial for European banks to be recapitalized and for there to be firewalls to protect countries against financial contagion.
David Cameron says that not enough has been done to decisively resolve the euro zone crisis.
Cameron, speaking during a NATO summit in Chicago, said he would be meeting later in the day to discuss the crisis with Spanish Prime Minister Mariano Rajoy.
Cameron stressed that British banks are well regulated and well capitalised.
Labour leader Ed Miliband has said we need a "proper plan" for growth in Europe and in the UK.
He hit out at the "Cam-Mer-Kozy economics" that focused too much on deficit reduction and austerity and not enough on growth.
Prime Minister David Cameron said the Eurozone needed to take "decisive action" to sort itself out. A Downing Street spokesman said:
What is required now is decisiveness, because it is the lack of resolution of the problem that is leading to a lack of confidence and what people need now is certainty.
We need decisiveness, strong action by all governments, whether that's dealing with the deficit, whether that's dealing with the banks, in order to calm markets.
– Ed Miliband, Labour leader
The real problem for Europe is not just that the debts need to be paid but we need a proper plan for growth. What's happened is German Chancellor Angela Merkel and David Cameron are sticking to their position and saying we're not for growth and that it's not the big priority.
And then you have President Obama and President Hollande who are actually saying we need a different approach. I think there's a divide between people who want to keep the same approach of the last two years and those who want to do something different.
We need a proper plan for jobs and growth both at home and in Europe.
Labour leader Ed Miliband said he had coined a new phrase - "Cam-Mer-Kozy economics" - to sum up the approach taken by the Prime Minister, German Chancellor Angela Merkel and former French president Nicolas Sarkozy over the last two years to tackling the eurozone crisis. He said:
"It's about collective austerity and it hasn't worked. It is time to wake up and recognise it and that's what the Prime Minister needs to do."
"Over the last few days he has found himself beached somewhere between President Obama and President Hollande and Chancellor Merkel, not quite sure where he is"
Deputy Prime Minister Nick Clegg said in an article in German paper Der Spiegel that European leaders must work together with a common economic purpose and resist "vested interests in the national economy" in order to deliver a more integrated single market.
What we should be doing in the EU as a whole is more economic integration in the single market, rather than less.
He stressed the need for political leaders need to "set out a vision" so that confidence in the European project can return.
If the euro zone doesn't come up with a comprehensive vision of its own future, you'll have a whole range of nationalist, xenophobic and extreme movements increasing across the European Union.