VIDEO: APExpress 4 – 10/15/2011 2:00:00 PM – AP-APTN-1730: +France G20 4

Finance ministers and central bankers from the world's 20 biggest economies say they have agreed to take swift action to resolve Europe's debt crisis, which is hurting global economy.

After two days of deliberations in Paris, which ended Saturday, French Finance Minister Francois Baroin announced that the eurozone would finalize its plan at a European Council meeting in Brussels October 23 .

He said France and Germany, Europe's key economies, have come close to an agreement on how much of a loss private investors will have to take on Greek bonds.

Reducing Greece's debt to a more sustainable level is emerging as a key element in resolving the eurozone crisis.

The heads of state of G20 nations are expected to give the final approval to the plan at a summit next month in Cannes. The plan will include concrete steps each country needs to take in helping solve the financial crisis.

Baroin said finance chiefs are acting decisively to maintain financial stability and prevent another global recession.

U.S. Treasury Secretary Timothy Geithner told reporters he was encouraged by the latest EU moves to come up with a comprehensive plan for the crisis. Washington has previously criticized EU leaders for what it called a lack of decisive action.

The International Monetary Fund chief Christine Lagarde warned that the weakness of advanced economies is beginning to hit emerging countries.

Emerging economies have asked for increase in the resources available to the global lender to help those in trouble, but others have rejected the idea. Geithner said Europe has enough of its own money to solve the debt crisis.

European leaders are pressing the continent's banks to sharply increase their cash reserves to cover possible losses on the debt they hold from Greece and other countries. U.S. investment bank Goldman Sachs suggested the European banks may need to add more than $400 billion to reserve accounts.