European officials are outlining a rescue plan that may includedeeper investor losses on Greek bonds, higher bank capital levelsand increased firepower for bailouts and the International MonetaryFund.

The plan's elements emerged as finance ministers and centralbankers from the Group of 20 began talks in Paris, seeking ways toend Europe's two-year sovereign debt crisis. Underscoring the needfor action, Standard & Poor's yesterday cut Spain's creditrating for the third time in three years and new data showed theeight largest U.S. money-market funds almost halved their lendingto French banks last month.

“The sense of urgency is here,” Eric Chaney, chief economist forAXA SA, Europe's second-largest insurer, said in a BloombergTelevision interview with Maryam Nemazee in Paris today. “Therewill be a lot of pressure on Europeans to find a solution.”

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