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European shares were called to open slightly higher on Tuesday on hopes of a resolution to the euro zone debt crisis as leaders from the world’s 20 biggest industrialized nations met in Mexico and Greece looked closer to forming a coalition government following elections on Sunday.
The FTSE was seen opening 16 points higher at 5507, the DAX was expected to open 7 points higher at 6255 and the CAC 40 was called to open 8 points higher at 3074.
The euro zone debt crisis and Greece’s continued membership of the single currency dominated talks at the latest G20 Summit in Los Cabos in Mexico with world leaders piling pressure on their European counterparts to take decisive action to resolve what they see as the biggest current threat to the global economy.
The scale of the crisis was highlighted by a report in the Financial Times that Russia was setting aside up to $40 billion to shore up its own economy in the event contagion from Europe spreads east. The government is also drawing up plans to recapitalize the country's banking system.
U.S. president Barrack Obama met with German chancellor Angela Merkel on Monday, while a draft communiqué urged bold action on the crisis.
Europe will be urged to take "all necessary policy measures" to solve a crisis that has now raged for over two years.
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