A summit is coming

A summit is coming

By Jan Strupczewski

IQALUIT, Canada, Feb 5 (Reuters) – Deepening woes about euro zone debt added urgency Friday to a meeting of G7 finance leaders in the Canadian Arctic that includes unique features like ministerial dog sledding and caribou dinners.

In Europe, policymakers scrambled to reassure markets about the stability of their 16-nation currency bloc as investors shed euro assets for a second day on fears about debt-laden member states like Greece and Portugal.

The sell-off comes as finance ministers and central bank governors of the euro zone’s top three economies — Germany, France and Italy — fly to meet their counterparts from the United States, Canada, Japan and Britain for the Group of Seven’s most remote and inaccessible meeting to date.

“The French have said they want to raise Europe (at the meeting),” one G7 official said Friday.

European Central Bank President Jean-Claude Trichet denied speculation in financial markets that the ECB might be planning emergency discussions this weekend over the euro zone crisis.