G-7 to hold emergency euro zone talks, Spain top concern
BERLIN/TOKYO (REUTERS) - Finance chiefs of the Group of Seven (G-7) leading industrialised powers will hold emergency talks on the euro zone debt crisis on Tuesday in a sign of heightened global alarm about the threat posed by strains inside the 17-nation monetary union.
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.
'We have reached a point where we need to have a common understanding about the problems we are facing,' Japanese Finance Minister Jun Azumi told reporters.
Earlier, Canadian Finance Minister Jim Flaherty said ministers and central bankers of the United States (US), Canada, Japan, Britain, Germany, France and Italy would hold a special conference call, raising pressure on the Europeans to act.