The Group of 20 nations rebuffed German-led calls to come to Europe's rescue as it battles the region's debt crisis, saying any decision on outside help hinges on the euro area delivering more financial firepower within two months.

A European review of its financial firewall against the crisis next month is "essential" before any consideration to "mobilize resources" for the International Monetary Fund, the G-20 said yesterday in a statement in Mexico City. Progress will be assessed in April, when officials gather in Washington for the IMF's spring meetings.

G-20 officials meeting in Mexico over the past two days sided with the U.S. and deferred Europe's bid to raise fresh money for IMF that could be used to defuse the crisis. That is the second time in almost four months that the world's biggest economies have declined to rally to Europe's side, even as the IMF warns the crisis risks triggering another global recession.