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Subject to financial market crisis in Greece and other counties, Europe would be in major tension, according to German Chancellor Angela Merkel, who stated this on Saturday.
"It is a serious situation," she told reporters in Berlin after meeting Canadian Prime Minister Stephen Harper.
"If you looked at the spreads from Friday or Thursday, you see we are facing a development that is not good in several countries, not just one country," she added.
On Friday the euro zone leaders has taken the right decisions, by agreeing to have some special measures ready, before the financial markets open on Monday to prevent business enterprise turmoil in Greece which would spread in other countries such as Spain and Portugal, said Merkel.
"We will undertake a collective effort. That means a joint instrument to react to speculation or threats to the stability of the euro area," Merkel said, without giving any details.
To strengthen the governance of the euro area and also to help in progress on financial regulation, the leaders have agreed to take measures to accelerate budget consolidation.
As for the EU sources, the finance ministers from the 27 European Union member states will meet in Brussels on Sunday to try to agree a mechanism for helping Europian countries stave off future debt crises.
Discussions among lawmakers from the Group of 20 powers on exit strategies and future economic and financial plan of action should include foreign exchange issues, according to Merkel.
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