(Adds background, dateline withheld to protect source)
Dec 1 (Reuters) - G20 deputy finance ministers discussed "the financial situation in Europe" on Monday Asia time in a teleconference arranged last week, a senior G20 source in Asia said.
"It's a tradition of the G20 to share information whenever there's an important situation going on," the source, who took part in the call, told Reuters on Wednesday.
The source added that the participants reviewed the 85 billion euro($110.7 billion) bailout package for Ireland announced at the weekend. They discussed what could be done on the part of the G20, but the source declined to elaborate.
The euro zone's debt crisis deepened on Tuesday when investors pushed the single currency lower and spreads on bonds of fiscally weak member states to new highs amid concerns they may ultimately be forced to default on their debts.
European policymakers, who also led a financial rescue of Greece earlier this year, came out in force to try to calm markets.
But investors paid little attention, putting Portugal, Spain and Italy under pressure just days after the EU had agreed to a rescue for Ireland.
Governments built up huge debts during the global financial crisis to support their ailing economies and bail out struggling financial institutions and investors are concerned about their ability to keep funding big budget deficits, let alone reduce them.
Asian members of the Group of 20 rich and leading emerging economies are Japan, China, India, South Korea and Indonesia. (Editing by Neil Fullick, Asia Economics and Markets Desk, Singapore)