Details have been emerging of the stabilisation fund being set up by the European Uniion to try to prevent the Greek debt crisis from spreading. The fund totalling 90 billion dollars in loan guarantees would be available to countries using the European Single currency. The plan would be considered by the EU Finance Ministers today. In an interview to Russian Television, US President Barack Obama said the stability in Europe is important for the rest of the world. President Obama said he was very concerned about what is happening in Europe. He said if Europe can be stabilised that would be good for the United States and it would also be good for Russia as well. President Sarkozy of France and the Italian Prime Minister Silvio Berlusconi have cancelled visits to Moscow on Sunday to work instead on plans to stop the Greek debt crisis spreading to other countries using the European single currency. Mr Sarkozy said the single currency is the most essential element of Europe and speculators would not be allowed to undo it. European Finance Ministers would meet on Sunday to consider a package of special measures to ensure the stability of Euro's zone. There are widespread fears of a new banking crisis which is why so much rests on this weekend's emergency talks about how best to provide emergency funding to Europe's banks. Following Greec's woes there are fears that other European countries may lose the confidence of their creditors. And in turn has generated concerns about the potential losses that could be incurred by banks that have lent to these countries.