G-7: We're watching Europe's debt crisis

@CNNMoney June 5, 2012: 10:54 AM ET

NEW YORK (CNNMoney) -- Finance ministers from the world's seven largest economies held a conference call Tuesday about the ongoing European sovereign debt crisis, but did not announce any new rescue measures.

"The G-7 ministers and governors reviewed developments in the global economy and financial markets and the policy response under consideration, including the progress towards financial and fiscal union in Europe," said a statement issued by the U.S. Treasury Department after the call. "They agreed to monitor developments closely ahead of the G-20 summit in Los Cabos."

The Group of 20 meeting of a broader group of major economies will be held in Mexico starting June 18. That's the day after a vote that could decide if Greece will leave the euro currency union in the coming months, a move some observers fear would mark the beginning of the end of Europe's common currency and perhaps even the European Union.

Tuesday's Group of Seven call came after Spanish Treasury Minister Cristobal Montoro told a radio network that his country was nearly shut out of global finance markets, and that the Spanish banking system needs outside help.

Last week, European Central Bank President Mario Draghi said that the configuration of the euro will become "unsustainable" if policymakers do not take action. World financial markets have been focused on the European sovereign debt crisis, fearing it could spread a recession to other major economies, including the United StatesTo top of page

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