European leaders hold video conference to avert a market meltdown next week David Cameron was in talks to avert a meltdown in the markets should Greece elect a government that will reject austerity plans. Photograph: Facundo Arrizabalaga/EPA The main European leaders, including David Cameron and the German chancellor Angela Merkel, held an hour long video conference on Friday to avert a market meltdown next week if the Greek elections on Sunday end with a majority for parties totally rejecting EU imposed austerity. Some EU leaders are to delay their flights to the G20 two-day summit starting in Mexico on Monday to gauge the election results and likely market reaction. But many will be in mid-flight as the European markets open. European finance ministers are due to hold a conference call after the election results are announced on Sunday evening. There is a growing expectation that the Greek left wing party Syriza will fare well, leading to a Greek demand for a rejection rather than simply a renegotiation of the bailout package demanded by the EU. However, even moderate parties are calling for a renegotiation. But Jens Weidmann, the president of the German Bundesbank, yesterday said he opposed even a one-year delay in the austerity programmme. He said it would be "very dangerous" to enter a renegotiation since it will only lead to pressure on other politicians, such as the Portuguese, to reopen the painful austerity packages they have already accepted. Referring to the possibility of Syriza being elected, Weidman warned "If it [Greece] unilaterally opted out of the programme, it would mean that in my view the basis for more financial help will no longer be given. Greece would have taken its decision but would also have to bear the consequences. We will all be affected, but my assessment is that Greece will be worse off than everybody else. The British Chancellor, George Osborne, would prefer a Greek vote that accepted the package but, paradoxically, can see that a rejection of austerity could lead to a cathartic reaction amongst eurozone leaders, either to throw the Greeks out of the euro or force the Germans to accept the need for greater integration through measures such as Euro-bonds. Both he and Cameron want decisive action one way or the other. Cameron is flying to Mexico late on Sunday night. He will be given preliminary election results, as well as exit polls, before he takes off. Based on the results of last month's Greek elections, it is possible that it will take many days to form a viable government, meaning that horsetrading in Athens will continue through the G20 summit, adding to the sense of uncertainty. Almost all the main European national leaders, apart from the Greeks, will be in Mexico, alongside their finance ministers. Apart from Merkel and Cameron yesterday's video conference included the French president, Francois Hollande, the Spanish prime minister, Mariano Rajoy, the Italian prime minister, Mario Monti, as well as the EU Commission's president, Jose Manuel Barrosso. Barrosso insisted today that the euro currency and the "European project" are both irreversible. He added "We will leave no doubt that the European Union remains determined and will take every action needed to stay the course, defending stability and fostering growth that will be beneficial to all." At the G20 summit, the US President Barack Obama will put fresh pressure on Merkel to sort the crisis out, a repeat of the political squeeze he put on her at the G8 summit in Camp David in May. Merkel said on Thursday that Germany will use its strength "in the service of European unity," the euro and the global economy, but she said she opposed "seemingly easy" solutions that risk backfiring. Cameron will stress the need for fiscal conservatism, monetary activism and structural reforms, including trade reform.