As expected, leaders and financial managers of European nations were kept busy by developments in Greece during the first day of the Group of 20 Summit in Cannes, France, which was supposed to address economic growth and environmental concerns around the globe.

The sentiments of world leaders were all alike.

U.S. President Barack Obama was the first to plead with the EU community to finally overcome the debt crisis which has been shaking financial markets and is now poised to pull the global economy into recession.

Japanese Prime Minister Yoshihiko Noda cautioned that the crisis could plunge the international economy into more trouble.

For his part, Chinese President Hu Jintao stressed in his speech that "the world economic situation needs the G-20's attention and that some major economies are experiencing economic slowdown, while the others are facing acute sovereign debt problems. Volatility in the international financial markets persists and high inflationary pressure confronts emerging markets."

The Chinese leader encouraged all eurozone nations to unite for this cause.

The Brazilian government has already stated that it is planning to use some of its $350 billion in foreign reserves to help the EU through bilateral agreements at the International Monetary Fund.

Russia has also reportedly decided to offer $10 billion through the IMF, according to the China Daily News.

French President Nicolas Sarkozy has repeatedly stated that it was important for the European community to show the whole world its integrity.

Meanwhile, India Times reported that the "European Central Bank also provided a surprise boost by cutting rates by 25 basis points to 1.25 percent and saying its policy of buying Euro zone government bonds would continue for now in a limited scope to support its monetary policy."

Russian President Dmitry Medvedev has called on Greece to undertake essential measures that will resolve its debt crisis.

Australian Prime Minister Julia Gilliard has been lauded by G20 leaders for augmenting the resources of the International Monetary Fund. She said the world was carefully monitoring all the action while markets were demanding tangible action on coping with the sovereign debt crisis and euro zone instability.