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G7 to hold talks today as concern mounts on debt crisis in Europe

FINANCE ministers and central bank governors of the Group of Seven (G7) industrialised nations will hold a conference call this morning, a Canadian government spokeswoman said yesterday, amid increased concern about the European debt crisis.

"There's a heightened sense of alarm over developments in Europe, particularly in Spain," said one G7 source.

However, he said that with US unwillingness to provide IMF money to help Europe, there was little sense the global community could act as one to contain the crisis.

Canadian Finance Minister Jim Flaherty told reporters in Toronto: "I've been having discussions and I will have more discussions tomorrow morning and subsequently with my G7 colleagues." The G7 source said there was concern there would be a bank run in Spain. (Reuters)

Irish Independent