Concerned over the forecast of yet another recession, Canada’s Finance Minister Jim Flaherty has urged the European leaders to take stern steps to tackle the menace of recession. It has come to light that
if Europe didn’t controlled its financial crisis then soon the Canadian economy would become the victim of it.

During a television interview, Flaherty said, "The avoidance of a recession depends on the ability of the Europeans to take the actions they need to take”. While addressing to the banking sector of the

It has been revealed according to a recent report that the shares from Europe might see a gain in the near future as well. This has come after the ballooned expectations that have come to the minds of the
people, after the authorities have promised that there shall soon be effective measures be taken for the Eurozone to head out of the debt crisis they are stuck in from such a long time.

With the rigorous efforts by all the member nations, there is good news coming in for the Eurozone. Their stocks are seeing consistent rise and this might be a positive development for them.

Woes are getting bigger among investors as analysts have shown big concerns and worries regarding the US market and the figure game.

According to the estimates of U.S. market analysts, the U.S. earnings growth could soon see steep fall, following the turmoil in Europe and weak Chinese economy which is hurting foreign support majorly today.

European non-payment indemnity or insurance cost has been rising steadily due to the fears over recession situation. The Federal Reserve stressed on the downward risk that the US economy has been facing.

Markit Purchasing Managers Index (PMI) has also exposed its statistics after July where 17 euro-zone members have been exposed as tightening their business activities in September.

Newedge strategist Annalisa Piazza stated that though the foreign demand has improved but the domestic market is still facing problem and so, the situation in the Eurozone market has remained tight.

A statement from the International Monetary Fund (IMF) has notified that Europe's debt crisis has pushed the banks towards 300 billion Euros losses that they may incur so the banks should lift up capital to defend the overall economy from more tumult.

IMF stated that the financial damages that have emerged from weak members of Eurozone have adversely affected the banks by fetching them 200bn Euros losses, since the problem which started last year.

The soaring price of oil was recorded at $89 a barrel, boosting the expectations of improvement in the debt-ridden Europe. In order improve the deteriorated financial condition, 5 central banks have been provided with an even more reach out to dollars.

The step will provide banks sufficient time to deal with the debt-led European nations like Greece. These banks were suffering from acute financial shortage, disabling them to provide cash to the customers. Also, other banks are not willing to lend them money.

A statement, out from Ministry of Commerce of China, has notified that they are willing to help out Europe and considers it as their responsibility in the times of need.

World Trade Organization Affairs Director of Ministry Chai Xiaolin stated, "It is our responsibility to help them (Europe) within our capabilities". However, Xiaolin spoke nothing about type of aid they will be providing to Europe, but she was determined that it is China’s duty. She said that China’s status is well recognized in European economy and it will continue to deal with the worldwide markets.

United States is putting in its best efforts to fight the debt crisis in the country and in context to same, the country on Wednesday has urged Europe to take a determined action to resolve the same issue by shoring up its banking sector so they lend a good help in rebuilding its lost global market confidence.

To discuss on the matter, a meeting has also been scheduled on Friday in France between finance chiefs from the Group of Seven wealthy nations, says a senior U. S. Treasury official, according to whom Europe's economic health would be a key focus in the meeting.

Jose Manuel Barroso, Chairman of the European Commission is quite positive that Europe would not have to face recession again, and assured that the government would do anything to keep its economy sake and recession-proof.

Manuel said that Commission, with help of the government, is trying their best to evade the debt crisis that has occurred in euro zone part. He said that this kind of assurance was much needed, especially when rating authority S&P declared that fear of double dip recession has not decreased but increased in the euro zone.

Inspite of the fall in the output in European nations, the treasuries of the nations have witnessed gain, which surpassed the records of the past two years. The decline in the production in the month of August is expected to result in declining the rate of growth in the European economy.