European Finance Ministers and Central bank heads are going to meet today in Madrid to discuss how to tackle the swelling budget deficit spilling over in many of the region's countries after Greece had asked for a help from the EU and IMF to avoid default and cut the highest deficit in the EU from 12.9% to 8.7% this year and 3% in 2012.

Greece asked for the meeting after the Greek government bonds climbed more than 7% the previous day while Papandreou reassured that the debt-ridden country will continue to cut deficit despite the 45-billion aid. European leaders are trying to prevent one of their members form default as well as saving the 16-nation currency that depreciated against majors.