G7 leaders with a strong race on Sunday in response to spiraling tensions in the euro area and the debt crisis in the United States to reduce the credit risk before the opening of trading on Monday.

After the stock market suffered the worst loss since 2008 last week, executives want to leave the confusing phone from London to Paris to Washington to save the hour before the attack of confidence in New Zealand, opened the first market in Asia.

G7 leaders

Finance ministers and central bank governors of the G7 countries – Britain, Canada, France, Germany, Italy, Japan and the United States – held a conference call and will make a joint statement on Sunday, Jiji Press said in Tokyo.

Officers, quiet, but the plan to avoid economic crisis, European Central Bank (ECB), in particular, refused to confirm reports of the conference on Sunday evening, the European Central Bank.

The question is whether banks will buy back the accumulated debt market in Frankfurt, the three largest euro area Italian and potentially the latest victim of the crisis that threatens agitation of the euro in Spain.

g7

Last week, he’s spiraling cost of borrowing at record levels due to loss of investor confidence in the mountain of debt – 120 percent of GDP – and slim prospects for economic policy and economic pressures.

The game requires reform of the ECB and contributions, the first increase in the deficit, Prime Minister Silvio Berlusconi said the race this weekend at the beginning of the members called for tougher measures, including constitutional amendments to force the government to maintain a balanced budget.

Intervention by the ECB to convince skeptics that the market is not convinced that “politicians have a strategy for dealing with Italy and Spain,” said Will Hedda, entrants IG.

London Centre for Business and Economic Research said last week: “Realisitically, Italy joined the action, but Spain can not continue without him.”

U.S. notes lower by Standard & Poor is on Friday night, adding a theater, where billions of shares were abducted by the leaders of Britain and France on holiday, David Cameron, Prime Minister and President Nicolas Sarkozy discussed the depth of the crisis by telephone.

“We both agreed that it is important to work closely and keep in touch over the next few days,” said a spokesman for Downing Street.

Almost two weeks after a special summit to give a final decision of the debt crisis of the accident, mounted panic back to bite the euro currency, a zone to act as a market leader in fixed views on the debt that national banks.

European Economy, Olli Rehn, said on Friday that the contributions of members of the G7 and G20 are “very important” to address the spiraling chaos.

Trying to calm tensions after the infection begins to threaten the French bond market, Rehn, the EU quickly return to Brussels and announced it will offer new and common “European good” next month.

So far, taboos, which allows eurozone governments to mobilize resources for these countries is based on assurances that 17 blocks of about 332 million people in these countries.

Commission, the European Central Bank and financial stability (EFSF) for each “night and put the meat on the grill” This agreement has reached the top of zone 21 euros in July.

Under the agreement, the leader of the July 17 shares of money with the Greek rescue plan for one year only, this time in the private sector.

However, the crisis of meat euro agreed to increase the pot Rescue – 440 million euros (625 million) EFSF – and body.

New EFSF muscle action to help troubled banks and the purchase of securities on the secondary market, the first step to build something for the European version of the International Monetary Fund.

“As a global, complex and detailed engineering execution time,” Rehn said on Friday.

“It would be nice if the contract is fully operational on 22 July,” said Rehn. “But in this case is impossible.”

If national parliaments to ratify changes in the expected level, should be financed by a new setting in place “in early September.”

“We – and affordable – the price paid for living in a democracy,” said Rehn.

However, several northern state parliament, where taxpayers hate paying bills, such as Greece, may refuse to increase the size or scope of the measures can be stored.