Finance chiefs from major powers are to hold emergency talks by telephone today to discuss ways to contain the latest turmoil on world financial markets. Twin debt crises in the euro-zone and the US have caused sharp market falls. Analysts say, world leaders want to calm international markets ahead of exchanges reopening tomorrow morning. Sources in Rome said finance ministers of the G7 nations – the US, Germany, the UK, Japan, France, Canada, and Italy – would hold a telephone conference call to discuss the situation. Meanwhile, the European Central Bank is to hold a rare emergency meeting today to decide whether it start buying up the debt of Italy – the latest and biggest economy to be hit by the euro-zone crisis. Reports say the decision will be of vital importance, although members of the bank's governing council are said to be divided on the course of action.