The group will continue discussions to focus on breaking the link between banks and sovereigns, and tackle other problems like employment growth in the region.

The lack of progress being made is said to have frustrated some: “We are waiting for Europe to tell us what it's going to do,” said World Bank chief Robert Zoellick.

Jose Manuel Barroso, president of the European Commission, said the financial crisis originated in North America but wasn't putting the blame on his partners: “Our financial sector was contaminated by unorthodox practices by some sectors in their financial markets. We must work together when we have a global problem.”

Barroso said he expects leaders to think very clearly and understand Europe's open decisions towards democracy, as not all members of the G-20 represent democratic governments. “We have to find the necessary consensus,” he said. “As a model of democracy, we must be very proud of the EU.”

President of the EU Herman van Rompuy angrily denied Europe was heading for financial turmoil, and said he was expecting large growth across the region in 2013.

However, relief from Greece's election results proved to be short-lived after markets took a tumble. The euro dropped 0.3 percent against the dollar, after the New Democracy party failed to conclude talks with coalition partners, the socialist Pasok party last night.

“The Greek vote has just been a sideshow on the eurozone debt crisis,” said Natixis analyst Alex Koagne. “Investors' focus is now back on the structural problems faced by both Italy and Spain.”

The Bank of Spain's 10-year yields now stand at 7.16 percent, and analysts fear they are soon reaching the point of no return.