Britain to oppose giant euro bailout fund
No one seems to know whether the European Central Bank (ECB) will in fact provide backstop liquidity to Europe's squeezed banks - and whether it will go further and create money through quantitative easing to ease economic conditions in countries like Greece and Portugal facing significant fiscal tightening.
Officials and politicians I've spoken to say the ECB is playing its cards close to its chest, though pressure is being applied for it "to do the right thing".
There is talk of the ECB providing some kind of one year repo facility (where government bonds are swapped for 12-month loans) in collaboration with the US Federal Reserve.
We'll see. Certainly for the sake of a bit more stability on markets, something of that sort is required.
What is clear is that European finance ministers will tomorrow approve a scheme that would allow the European Commission to borrow against the security of its budget, and then lend some of the money to eurozone members facing financing pressures.
But the sums of money that will be made available by this approach - which already exists in a small scale way to help financially challenged Hungary, Latvia and Romania - will be relatively small, perhaps 50bn euros in total.
That won't be enough to reassure markets - although it's bound to be controversial in the UK because it effectively puts Britain on the hook for a few billion pounds to bail out eurozone states in difficulties.
However eurozone members want to go further and effectively create Europe's own giant IMF-style fund, with all EU member states clubbing together to guarantee borrowing by troubled individual members.
My strong sense is the Treasury - and today's Chancellor, Alistair Darling - will oppose the creation of such a fund.
He will argue that the IMF already exists, and has both the financial resources and the expertise to do this job. So what's the point of replicating it?
If Darling opposes what one might call a European Monetary Fund, other EU members could go ahead and create such a fund without any financial contribution from the UK - but it would have to be in some sense separate from the institutional structures of the EU.
And I would assume that eurozone finance ministers know there's little point hanging around to see who might succeed Mr Darling in the coming days, because the most likely successor - George Osborne - is likely to be even less sympathetic to the idea of throwing in a few tens of billions of British pounds for the common European good.