The European Central Bank is due to hold emergency talks on whether to start buying Italian debt to contain spreading turmoil on financial markets.
Growing worries over debt in the eurozone and the United States caused sharp falls on world stock markets last week.
Finance ministers from the G7 major economic powers are also to hold emergency talks overnight on how to calm the markets before they reopen on Monday reports the BBC.
The main council of the European Central Bank is holding a telephone conference on Sunday afternoon.
Italy is the latest and biggest economy to be hit by the eurozone crisis, amid growing doubts it can keep its debt level so high while economic growth is so slow.
Spain has also been caught up in the crisis - hammered by high unemployment, high government debt and anaemic growth.
