01/27/2012 05:47 EST | Updated 03/28/2012 05:12 EDT

Davos 2012: European Ministers Say They're Getting Debt Crisis Under Control


DAVOS, Switzerland - European financial chiefs are trying to soothe global CEOs and political leaders, insisting they have a handle on the eurozone's troubles.

Germany's Finance Minister Wolfgang Schaeuble says he's "quite optimistic" about a Greek debt restructuring deal, despite recent strains in the complex talks. He says he doesn't expect Greece to default.

He stressed that recent developments in markets have been "positive" for Italy and Spain.

France's Finance Minister Francois Baroin welcomed actions by the European Central Bank that he says have helped "reduce tensions in the European banking system."

Both spoke Friday at the World Economic Forum in the Swiss ski resort of Davos, where many business and political VIPs fear that Europe's debt crisis will drag the global economy into a new recession.

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