Switzerland – On Friday, European finance chiefs have tried to calm the fears of global chief executive and other political leaders on the subject of the euro zone. Olli Rehn as the European Monetary Affairs Commissioner said that he expects Greece’s debt restructuring agreement will be reached “if not today maybe the weekend.” Wolfgang Schaeuble as German Finance Minister also said that he was “quite optimistic” about the deal, despite the recent strains in a complex conversation, he did not expect Greece to default.

At the World Economic Forum in Davos Switzerland ski resorts, many business and political VIPs feel frightened if the European debt crisis dragged the global economy into a new recession. Schaeuble has stressed that the recent developments in the market has “positive” for Italy and Spain. Francois Baroin as French Finance Minister has been welcomed by the European Central Bank and said that he had helped to “reduce tensions in the European banking system.”

The UN refugee head has warned the leaders meeting in Davos that the global economic crisis has sparked conflict across the world. Antonio Guterres also told The Associated Press on Friday that rising food prices and growing unemployment makes them suffer more. He also urged to increase funding assistance to 500,000 people in the newly independent states of the dries.