The International Monetary Fund has urged Eurozone leaders to act swiftly in response to the debt crisis in Greece and Spain, or risk dragging down the global economy with another financial crisis. The IMF warned that the situation was grave and could escalate into a wider downturn unless national leaders ended their disputes with a long-lasting deal. As eurozone finance ministers met in Luxembourg for crisis talks and the launch of the euro's permanent rescue fund, the IMF urged Europe and the US to promote growth to help major developing economies like China, Brazil and India.