Ministers from the world's richest nations are reportedly on the way to agreeing a deal for troubled eurozone countries.

Following the IMF meeting in Washington, the BBC understands that three elements have been discussed.

They include a so-called "haircut" of Greece's sovereign debt, meaning institutions holding Greek debt would have to write off half of what they were owed.

The plan also envisages an increase in the size of the European Union bailout fund to two trillion euros.

European governments hope to have the plan in place in five to six weeks.

But one independent market trader - Alessio Rastani - told the BBC the plan "won't work" and that people should be trying to make money from a market crash.