Tánaiste and Minister for Foreign Affairs Eamon Gilmore is to tell EU and Latin American leaders that there is an urgent need for an appropriate deal with the European Central Bank on Ireland's bank debt.
Mr Gilmore will make his comments in an address to the EU-Latin America Summit in the Chilean capital Santiago later today.
He will say: "Failure to conclude negotiations on the promissory note would have a potentially catastrophic effect on Ireland."
Among those attending the summit are German Chancellor Angela Merkel, EU Commission President José Manuel Barroso and President of the European Council Herman van Rompuy.
Mr Gilmore will hold bilateral meetings with the prime ministers of France and Austria later today.
He has also discussed improving trade links during talks with the presidents of Chile and Colombia.
Minister for Transport Leo Varadkar has confirmed that Ireland's attempt to secure a deal on the annual €3bn payment in promissory notes has run into difficulty with the ECB.
Speaking on RTÉ's The Week in Politics, Mr Vardakar said the Government remained hopeful that a deal will be concluded.
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