The finance ministers of the world抯 20 biggest economies are meeting in Paris to try to resolve the European debt crisis that is threatening to push world economies into another recession.
The financial chiefs meeting Friday and Saturday are expected to consider several options that some leaders say could help stabilize the global financial markets and ease the debts of financially troubled Greece.
Some leaders have suggested that Greece抯 debts need to be substantially cut, effectively a default on its obligations. That could force investors holding Greek debt to assume much bigger losses than the 21 percent figure they already agreed to in approving a second Greek bailout in July, possibly to as much as 60 percent.
European leaders are pressing the continent's banks to sharply increase their cash reserves to cover possible losses on the debt they hold from Greece and other countries faced with burgeoning debt. Some think the lending capacity of the International Monetary Fund should be increased.