Finance ministers and central bankers from the Group of 20 nations met in Paris on Oct. 14-15 in an attempt to prevent Greece's sovereign bond crisis from worsening a European financial crisis. In their joint statement, they called on euro-zone nations to recapitalize euro-zone banks.
The joint statement also praised the efforts by the 17 euro-zone countries to improve the flexibility of the European Financial Stability Facility, a fund designed to rescue the euro zone. Since Slovakia had earlier approved a euro-zone plan to strengthen the EFSF after it once rejected it, the euro zone is now well prepared to get over the crisis.
The joint statement said, "We look forward to further work to maximize the impact of the EFSF in order to avoid contagion, and to the outcome of the European Council on Oct. 23 to decisively address the current challenge through a comprehensive plan."