Euro Crisis Shifts to Spain as Merkel Faces G-20 Pressure

World leaders told Europe to pull together to overcome its debt crisis, endorsing a road map for tighter integration to cut borrowing costs and prevent further damage to the global economy.

With Spain readying a request within days for as much as 100 billion euros ($127 billion) for its struggling banks, euro-area leaders at a Group of 20 summit in Mexico pledged to take “all necessary policy measures” to defend the currency union. The U.S. committed to cut spending while avoiding a “sharp fiscal contraction” in 2013.