G-7 leaders commit to tackle euro debt crisis

A coordinated challenge to the financial crisis in the euro zone will ensue by the globe's leading economic powers, according to the upshot of an emergency teleconference on Tuesday, Bloomberg reports.

Central bank governors and finance ministers also discussed the ongoing Spanish and Greek dramas. The Aegean nation has accepted two tranches of international bailout aid in 24 months and is preparing for a second round of national elections later this month after early May elections were inconclusive. Spain, host of the euro zone's fourth-largest economy, is fighting to control bond yields that continue rising toward perilous levels.

Representatives in Europe "said they will speed up their efforts to resolve those problems, which was encouraging to us,” finance minister Jan Azumi of Japan told reporters after the Tuesday teleconference. "Japan is ready to provide support if there is anything we can do."

The Associated Press reports the Group of 20 meeting set for later this month in Mexico is likely to see the sovereign debt crisis as its centerpiece.

The debt crisis has been going on for well more than two years and is attacking euro zone nations' banks, markets and public finance systems.