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.

The German Chancellor Angela Merkel has said that the Eurozone must hold together. 

Speaking to BBC, the German leader said it would be a huge political mistake if debt-stricken Greece was allowed to leave the Eurozone. She said Germany will do everything it could to keep the eurozone together. 

She also calmed fears of further bailouts for eurozone countries, saying important lessons have been learned. Applauding the British government's austerity programme, Mrs Angela Merkel said no country can live beyond its means. 

Asked how she saw the future for Greece, Mrs Merkel said that Athens have repeatedly said it wanted to remain within the eurozone. She said the eurozone will be incredibly weakened by a Greek exit.