Shares rally on hope for Greek deal Jean-Claude Juncker, head of the eurogroup warned: "We are far away from the objective of reducing Greece's debt-to-GDP ratio to 120pc by 2020." Dutch Finance Minister Jan Kees de Jager said the ministers would "try to achieve" a deal but if not "we have to think of alternative senarios." As Germany reeled from the resignation of President Christian Wulff amid a corruption scandal, insiders said the cabinet was divided on Greece. The sources claimed that Wolfgang Schaeuble, himself a contender to replace Mr Wulff, was advocating allowing Greece to default rather than pouring more money in which would only delay the crisis rather than solve it. Ms Merkel is determined to avoid a default. Francois Fillon, the French finance minister, berated those with doubts over rescuing Greece. "We must do absolutely everything so that there is not a default by Greece," he said. Referring to the Greek efforts to pass their austerity bill despite violent opposition in Athens, Mr Fillon said "now that we have a commitment from the Greek parliament ... the Europeans must now honour their commitments." He added that it was "totally irresponsible" to downplay the effects of a default. But Eurozone governments may find they have to stump up more than they thought to mount the rescue. Some member countries of the IMF are determined to curb the fund's contributions to the Greek bail-out programme. The fund has already committed to lend €30bn to Greece, €22.5bn to Ireland and €26bn to Portugal - far out of proportion to those countries' shareholdings in the IMF. Officials told the Wall Street Journal that the IMF would contribute just €13bn to the €130bn bail-out fund. However, the details have not been finalised. Officials from the IMF are due to join the finance ministers meeting on Monday. Spain's government unveiled more austerity measures, including caps for state salaries and more public sector restructuring plans. The leader of Portugal's opposition called for the government to ask for a year's extension to the country's debt reduction targets. Meanwhile Fitch raised Iceland's sovereign debt from junk status back to BBB- with a stable outlook.