G20 Finance Ministers meeting

Europe’s economic crisis is taking centre stage as G-20 Finance Ministers meet Friday in Paris.

France’s Finance Minister is hosting the meeting.

He wants his counterparts to help restore confidence in markets that have been badly shaken by the European debt crisis and fears it could tip the world into a recession.

Friday’s meeting is being dominated by fears of the damage that a default by Greece would have.

There are suggestions that Greece is so deeply in the hole, half of its huge debt may have to be written off.

At the meeting, Canada’s Finance Minister Jim Flaherty is pressing European leaders to make the tough choices needed to solve the Eurozone debt crisis.

Flaherty says some European countries must start slashing their debt before the situation spins out of control.

Flaherty and his G-20 counterparts are examining the issue for the third time in a little over a month.