G7 financial leaders to meet in attempt to solve European debt crisis

PanARMENIAN.Net - The world's top financial leaders meet Friday, September 9, in France to work on a plan to solve the European debt crisis that is rattling markets and to avoid another recession by boosting growth.

The finance ministers and central bankers from the G7 major industrialised economies will also focus on the health of European banking system, which in August was shaken by sudden sell-offs sparked by investor anxiety.

International Monetary Fund chief Christine Lagarde will also join the ministers from Canada, the United States, Japan, Germany, Britain, France and Italy at the meeting in the Mediterranean port city of Marseille.

France - the host and this year's head of the G7 and the wider G20 - said this week it wanted the two-day meeting to reach a "coordinated response" that would boost growth, create employment and help pay off debt.

Financial regulation will also be tackled in a debate hosted by future European Central Bank head Mario Draghi.

The meeting comes at a time of high political tension in Europe's major economies over the debt crisis, with governments struggling to get deep reform and austerity measures through parliament.

The G7 ministers will not be issuing a final communiqué, AFP reported.