The break-up of the eurozone could cost the world's poorest countries nearly £20 billion a year in lost trade and investment - the equivalent of almost a quarter of global aid - Oxfam warned.
As leaders of the world's biggest economies prepare to meet at the G20 summit in Mexico, the aid charity warned that the woes of the single currency threaten the living standards of people well beyond the shores of Europe.
The eurozone crisis is set to dominate next week's G20 gathering, but Oxfam chief executive Barbara Stocking urged the leaders - including David Cameron - not to forget the needs of the world's poorest countries.
The Euro zone is waiting to see whether Germany will open its cheque book again for Spain, and if it does, whether this will actually help.
Distress calls went out from the Spanish Government about the future of the Eurozone - after Spain's borrowing rates hit an alarming 7%.
The cost for the Spanish government to borrow has hit 7 percent today - the level at which Portugal and Ireland asked for a bailout.