Angela Merkel, the German chancellor and Nicolas Sarkozy, the French president will discuss the debt crisis in the euro region today amid concerns that the crisis will spread to Italy and Spain that trigger a global market rout.

Sarkozy spoke with European Central Bank President Jean-Claude Trichet yesterday and the previous day, said the person, who cannot be identified under government policy, and he wil also speak to Jose Luis Rodriguez Zapatero the Spanish prime minister, according to an official at the French president's office.

Even after agreeing last month to retool their 440 billion-euro bailout fund, European leaders have failed to stamp out concerns that Italy and Spain will need bailouts. Since July 26, More than $4.4 trillion have been wiped out from equity-market values worldwide as speculation that the world economy faces a new recession would accelerate Europe's debt woes.