The Group of 20 (G20) major economies held an emergency conference call Sunday morning Seoul Time to exchange views on the European debt crisis and the downgrading of U.S. sovereign rating, a news report said.

South Korean Deputy Finance Minister Choi Jong-ku confirmed to Reuters the G20 finance deputies participated in the conference call, but wouldn't give any details of the discussion.

Previous to the report, U.S. and British media had widely reported that such an event would be held.

Japanese and European officials also said that the Group of Seven (G7) industrialized nations would also confer by phone on similar issues and a statement is expected after the session.

The report came amid rising concerns over a possible global financial turmoil that could be triggered by Standard & Poor's downgrading of the U.S. long-term credit rating and after a turbulent week in financial markets worldwide. Enditem