IMF calls for bigger rescue package

The International Monetary Fund has called on Europe to agree a more comprehensive rescue plan to tackle the bloc's debt crisis and stump up more money to keep countries afloat.

But even as the IMF said Europe had to convince the markets it was fully behind struggling members, the European Central Bank warned that Greece could not rely on more support if it failed to stick to austerity plans. Yields on Greek debt soared to fresh highs while Fitch downgraded Greece's rating deeper into junk territory.