G7 nations hold emergency teleconference on Europe debt crisis

  • Finance chiefs of the G7 group of industrialized nations have held an emergency teleconference to discuss the eurozone debt crisis.

    The talks come just days after U.S. President Barack Obama blamed Europe for the depreciation of the American economy.

    For G7 countries outside the eurozone, concerns are mounting that Europe's failure to find a way out of the crisis will have a knock-on affect on global recovery.

    Earlier this week, billionaire investor George Soros told a conference in Italy that Europe had about "three months to save the euro", adding that leaders did "not understand the nature of the crisis".