European leaders had floated the idea that developing nations including Brazil and China could provide funding to buy Euro zone bonds, which would help lower yields and ease pressure on countries such as Spain and Italy.

But Brazilian Finance Minister Guido Mantega echoed calls for Europe to solve its own burgeoning fiscal problems, saying Brazil had no intention of making such purchases.

"I believe that European countries do not need funds from Brazil to buy bonds. Brazil is not considering it," Mantega told reporters in Brasilia. "They have to find solutions to the European problems within Europe."