World leaders warn Europe must act on debt crisis

SEVEN world leaders yesterday demanded Europe act more decisively to quell its debt crisis as a European Central Bank study warned that the entire euro currency project was now in peril.

As top finance officials gathered in Washington for meetings of the Group of 20 and International Monetary Fund, an open letter to G20 president, France, from the leaders of Australia, Canada, Indonesia, Britain, Mexico, South Africa and South Korea stressed the threat of the eurozone crisis spreading worldwide.

“Eurozone governments and institutions must act swiftly to resolve the euro crisis and all European economies must confront the debt overhang to prevent contagion to the wider global economy,” the seven leaders wrote.