News Summary: Europe gropes for debt crisis fix

The Associated Press
Los líderes del G-20 y algunos invitados posan para la foto de grupo en Los Cabos, México, el lunes 18 de junio de 2012. De izquierda a derecha, la primera ministra australiana Julia Gillard; el jefe de gobierno español Mariano Rajoy; el presidente estadounidense Barack Obama; la canciller alemana Angela Merkel; el primer ministro de Camboya Hun Sen; el presidente de China Hu Jintao; el primer ministro de la India Manmohan Singh; el presidente de Colombia Juan Manuel Santos; el presidente mexicano Felipe Calderón; el primer ministro británico David Cameron y el presidente de Chile Sebastián Piñera. (Foto AP/Eduardo Verdugo)

SEARCH FOR SOLUTIONS: Europe's leaders are grasping for ideas to halt their government debt crisis ahead of a series of top-level meetings over the next 10 days.

THE BACKGROUND: Greece, Ireland and Portugal have sought multibillion-euro bailouts over the past two and one-half years as high borrowing costs made it impossible for them to finance their debts on the international bond markets.

WHAT'S NEW: Market-watchers fear Spain and Italy may soon be joining the bailout club as their borrowing costs spiral ever higher. The latest idea is to use emergency bailout funds to buy up government bonds on the open market to restore stability.