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The U.S. Treasury Department said the conference among the financeministers and central bank presidents ended with agreement to keepmonitoring developments closely in the runup to a leaders' summitof the Group of 20 major economies on June 18-19 in Los Gatos,Mexico. The statement said the talks considered how to forge a strongerfinancial and fiscal union in Europe. Canada's finance minister, Jim Flaherty, disclosed Monday that thecall, usually confidential, would be held today. Taking central focus was Spain, whose own finance minister appealedTuesday for European leaders to set up a method for its troubledbanks to get direct financial help. Cristobal Montoro warned that the country's high borrowing costsmean that it faces increasing trouble accessing credit markets. "The door to markets is not open for Spain," Montoro said. Data suggests slump ongoing Lenders want to know whether that will prevent Spain from bailingout its troubled banking sector, which is weighed down by bad realestate loans. Adding to the crisis was the uncertainty of how Greeks would votein an election on June 17 that is widely seen as a referendum onwhether the country will continue with the austerity measures thatare a condition of continued international bailouts required tokeep it part of the currency zone. The urgency of finding a response to the crisis was underscored bydata that suggested that services and manufacturing output in theeurozone slumped at the sharpest rate in almost three years lastmonth. London-based Markit Economics said its composite index ofpurchasing managers in both industries fell to 46 from 46.7 inApril. A reading below 50 indicates an economy in contraction. The G7 call came ahead of a summit of European leaders on June 28. It s expected the European Commission and the European CentralBank will propose a "banking union," which would oversee banks andperhaps even be granted the authority to bail out financialinstitutions directly. Now, they can only rescue nationalgovernments. There s no divergence in views when it comes to how to tacklethis crisis overall, a spokesman for EU Commissioner Olli Rehnsaid in Brussels. With files from The Associated Press. The e-commerce company in China offers quality products such as China Mud Pump , Hydraulic Crawler Drills Manufacturer, and more. For more , please visit Core Drilling Rig today!
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