Europe debt crisis plan wins backing

Europe's revamped strategy to beat its two-year sovereign debt crisis has won the backing of global finance chiefs, who urged the region's leaders to deal decisively with the turmoil when they meet for emergency talks in a week.

European officials outlined the initiatives they're considering at a meeting in Paris of finance ministers and central bankers from the Group of 20 economies. With the continent's fiscal woes rattling financial markets and threatening the world economy, governments were urged to complete the plan at their October 23 summit in Brussels and to tame the threat of contagion by maximising the firepower of their €440 billion ($758 billion) bailout fund.

"The plan has the right elements," said US Treasury Secretary Timothy F. Geithner.

- BLOOMBERG