Mexico's Calderon calls for 'bazooka' to halt EU crisis

(DAVOS) - Mexican President Felipe Calderon on Thursday urged Europe to "bring out the bazooka immediately" to resolve the debt crisis and prevent it from sinking Italy and Spain.

"It is necessary to bring out the bazooka immediately, before the gunpowder gets wet," said Calderon, who holds the rotating chair of G20 world powers.

He also called on the European Union to "create a firewall to prevent Europe's third and fourth largest economies from falling," and to halt the contagion from spreading across the world.

"Don't forget that we are in the same boat. It is not just a question of a possible implosion of the euro, but a crisis across the world," warned Calderon.

"The more we create confidence, the less we need money. The more money we put up, the less money we need" to service the debt, he noted.

For the Mexican president, it is therefore "indispensable to reinforce ... IMF and European rescue funds."