World financial leaders focus on budget crises

A crisis in Europe over budget belt-tightening has upended global markets and seized the attention of financial leaders meeting in the Canadian Arctic.

Finance ministers and central bankers from the Group of Seven major industrial countries also planned to try to settle differences Saturday on banking industry changes. There are fears that go-it-alone action such as President Barack Obama’s plan to break up big banks will further hamper the world’s fledging economic recovery.