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Financial leaders agree to try and fix Europe's debt woes

Published by Steve Coleman on September 26, 2011

Europe's three-largest debtors may get another bailout.

The International Monetary Fund pledged last week to build a new plan to pin down European debt and fend off a new recession.

World leaders met last week to try and convince European countries that aren't going through the same kinds of financial problems and Greece, Spain and Ireland to help prop up their neighbours. One of the largest concerns is that Greece will default on its debts, despite two bailouts, and start a domino effect that could freeze credit on a global scale.

The IMF message mirrored the one that came out of Washington last week after two days of meetings between G20 financial leaders.

While leaders say it's good that there's building consensus on resolving financial problems, it has to be followed through.

"There's some progress, but I repeat in the end it's about actions," Bank of Canada Governor Mark Carney was reported saying in a CTV news article. "Actions will have to be taken in a timely manner."

Canadian Finance Minister Jim Flaherty encouraged European countries to throw money into the system like the U.S. government did to free up the amount of available capital. However, not all of the 17 eurozone countries have agreed that it's the solution to the problem.

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