The Finance Ministers of France, Germany, Italy and Spain will discuss the ongoing eurozone sovereign debt crisis today in Paris.

The meeting is taking place on the eve of joint talks between French President Francois Hollande and German Chancellor Angela Merkel aimed at reaching some sort of accord before a crucial European Union summit which begins Thursday in Brussels.

The Paris meeting is taking place as two more eurozone nations, Spain and Cyprus are seeking bailouts for their financially troubled banks. Spain is asking for upto $125 billion to rescue banks left holding bad real estate loans while Cyprus says its banks are vulnerable because of their large exposure to the economy in nearby debt-ridden Greece.