European Union officials were working out the details of a financial support mechanism on Saturday to prevent Greece's debt turmoil spreading to Portugal and Spain, ready for approval by EU finance ministers on Sunday.
The leaders of the 16 countries that use the single currency said on Friday after talks with the European Central Bank and the executive European Commission that they would take whatever steps were needed to protect the stability of the euro area.
Italian Prime Minister Silvio Berlusconi canceled a trip to Russia on Saturday to continue consultations with EU leaders over the crisis, a government source said.
Financial markets have been pounding euro zone countries with high deficits or debts as well as low economic growth, threatening to force Portugal, Spain and Ireland into a position where, like Greece, they would need to seek financial aid.
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