EUROPEAN markets were down yesterday as Germany said that a G20 ultimatum for a concrete solution to the eurozone debt crisis to be in place by early next week was unrealistic.

THE world’s leading economies pressed Europe on Saturday to act decisively within eight days to resolve the eurozone’s sovereign 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.

THE United States pressed Europe’s strongest economies yesterday to give “unequivocal” financial support to weaker euro zone states to overcome a debt crisis that threatens the world economy.

THE world’s leading nations were divided last night over plans to reduce global economic imbalances, with China determined to head off international criticism over its huge foreign exchange reserves.

IRELAND should take its credit rating downgrade to “AA” by Standard & Poor’s “with a grain of salt” and stick to its laudable plan of fiscal consolidation, says Jim Flaherty, Finance Minister of AAA-rated Canada.

THE group of G20 nations have failed to agree on a proposal to impose a global tax on banks aimed at making the financial industry shoulder the cost of bailouts, settling instead for a common set of guidelines.

Financial leaders at a weekend conference focused on the deepening Greek debt crisis and pledged to address risks posed to the global economic recovery by countries with severe budget deficits.

Top finance officials of seven major industrial countries tonight pledged to work to calm global markets and sustain a fledgling economic rebound.

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

British Prime Minister Gordon Brown tonight suffered an embarrassing rebuff when he floated the prospect of a new tax worldwide, only to have it flatly and publicly rejected by the United States and other major financial players.

Prime Minister Jean Chretien has called a Cabinet meeting in Toronto instead of Ottawa to show the World Health Organisation erred in warning against travel to Canada’s largest city because of Sars.