The Group of Seven industrialized nations have reaffirmed that they will take coordinated action against the European debt crisis. The move came at an emergency conference call on Tuesday in response to the growing concern about contagion from the crisis. The finance ministers and central bank governors of Japan, the United States, Canada and 4 European countries took part, according to Japan's (NHK World) website. The US, Canadian and Japanese officials reportedly urged eurozone nations to take quick action to deal with the bad loans held by Spanish banks. The eurozone's response to the crisis remains a key issue ahead of a fresh Greek election.