No 'silver bullet' over sovereign debt crisis

SINGAPORE - World Bank President Robert Zoellick said there is no "silver bullet" to resolve Europe's sovereign-debt crisis and every country has a common interest in seeing the region succeed as they debate chipping in more cash to bailout funds.

"The real big issue going forward here will be the success of Spain and Italy," he said in a Bloomberg television interview in Singapore. "The good news is we've got some very reformist governments in both countries. They are not only undertaking fiscal discipline but they have started undertaking structural reforms."

Officials from the G20 and central bank governors met over the weekend in Mexico City, where the United States, Chinese and Japanese officials say they will press eurozone economies to do more to merit outside help to end the region's sovereign debt crisis. The International Monetary Fund has warned concerns about debt sustainability could drag the world into another recession. The focus on Spain and Italy comes after eurozone governments sanctioned a 130 billion euro ($174.8 billion) aid package for Greece to avert a March bankruptcy. While China, Japan, Brazil and Mexico said they are willing to help, Europe "must make more efforts to create a bigger firewall", according to Japan's Finance Minister Jun Azumi.