European leaders have one week to settle differences and flesh out a strategy to terminate their sovereign debt crisis as global finance chiefs warn failure to do so would endanger the world economy.

Group of 20 finance ministers and central banks concluded weekend talks in Paris endorsing parts of the emerging plan to avoid a Greek default, bolster banks and curb contagion. They set an Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered.

"The risk of a recession would be increased dramatically were the Europeans to fail to accomplish goals that they've set for themselves," Canadian Finance Minister Jim Flaherty said after the G-20 meeting, which ended Oct. 15.