Preserving the economic integrity of Italy and Spain, respectively the euro zone's third- and fourth-largest economies, is one focus of Group of 20 discussions, an official with the Indian delegation told Reuters.
Trailing the economies of France, the second-largest, and Germany, the largest, the two nations are among the countries suffering most with the debt scourge. Known as the PIIGS, the nations most vulnerable to the crisis also include Portugal, Ireland and Greece.
Deputy Chairman Montek Singh Ahluwalia with India's Planning Commission told Reuters that assembling "a financial firewall" around those nations is under discussion among leaders of the globe's 20 largest industrialized nations in the Southeast France resort city of Cannes.
Greece, the emblem of how damaging is the sovereign debt crisis, is another central theme of the G20 meetings after Prime Minister George Papandreou cited a referendum from which he later backed off. On Tuesday, Papandreou called for Greece's citizens to decide whether to accept bailout aid, five days after leaders in the euro zone approved the European Financial Stability Facility. The EFSF was designed specifically for nations suffering from debt, like Greece.
But on Thursday, the Greek leader was set to abandon that suggestion, according to the BBC.
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