Spanish Prime Minister Jose Luis Rodriguez Zapatero urged the G20 countries least affected by the crisis to provide "urgent stimulus plans" to shield the global economy.

Europe's debt crisis looks set to dominate the summit of Group of 20 leading economies in France from November 3-4.

The gathering in Cannes will take place a week after euro zone leaders reached a deal to recapitalize their banks, boost the firepower of a euro zone rescue fund and impose hefty losses on holders of Greek debt.

"We hope these deals, together with those made by the G20 next weekend ... restore the confidence needed to keep the economy moving," Zapatero told leaders at the Ibero-American summit in Paraguay.

In the last 18 months, Zapatero has made cuts and implemented reforms to show Spain is serious about fiscal discipline and to avoid a sell-off in its debt on concerns it would need a Greek-style bailout.

Portuguese Prime Minister Pedro Passos Coelho told leaders gathered in Asuncion the ‘crisis was not just European’.

Reuters