Senior officials across Europe have been given a one-week deadline to resolve their differences and come up with a clear strategy to end the continent's sovereign debt crisis.
According to Bloomberg, finance ministers at the G20 want clear plans and tactics to deal with issues like avoiding a Greek default, stop any debt spread and stimulate growth among banks before a meeting set to take place in Brussels next week (23 October).
It is believed the G20 feels this to be the deadline if problems in the eurozone are not going to grow and have an overly-adverse impact on the wider global economy.
Jim Flaherty, finance minister of Canada, was quoted by the news source as saying: "The risk of a recession would be increased dramatically were the Europeans to fail to accomplish goals that they've set for themselves."
This comes after it emerged last week that the lending power of the International Monetary Fund (IMF) may be increased to help end the European crisis.
By Tony Aynsley