Zeebiz Bureau
Berlin: Finance ministers and central bank chiefs of the world’s seven wealthiest countries will hold an emergency conference call on Tuesday to discuss Europe’s worsening debt crisis.
Canadian Finance Minister James Flaherty told reporters in Canada on Monday that he would raise Europe’s troubles with his Group of Seven colleagues during the call. The G7 includes the United States, Japan, Germany, France, Britain, Italy and Canada.
But officials said the United States expects more action to strengthen the European banking system in the next two weeks in advance of a meeting of the Group of 20 major economies in Los Cabos, Mexico, later this month.
With Greece, Ireland and Portugal all under international bailout programmes, financial markets are anxious about the risks from a Spanish banking crisis and fret a Greek election on June 17 could lead Athens to leave the single currency and precipitate yet more economic turbulence.
With Agency Inputs
