The cancellation of the highly touted European finance ministers meeting on Wednesday reveals deep disagreement over strategies to resolve the debt crisis.

Reuters reported that EU finance officials are not keen on attaining an immediate advance when the meeting pushes through even as both Germany and France aim for a comprehensive solution by the end of October.

The next meeting may possibly take place on Nov. 7 and 8 and hopefully, there will be an accord to boost the European Financial Stability Facility and the possibility of private commercial banks and insurance companies taking on Greek bonds to lessen the debt burden of Greece.

EU leaders are considering two options to increase the facility.

The first is by using it to offer guarantees to purchasers of new euro zone debt, and the second is to use part of its capacity to set up a special purpose investment tool that would attract money from sovereign wealth funds and other investors to buy debt. They might also agree to combine both options, Reuters reported.

Meanwhile, the Business Spectator said EU finance ministers did not push through with the meeting since details of issues to be addressed have not been firmed up.

Officials sought to alleviate concerns that the cancellation was cause for worry, despite growing concerns that a final agreement on how the region will tackle its debt crisis will not be agreed to during the leaders' summit.

There are theories that the 17-nation euro zone is preparing to increase its bailout fund to keep in check the debt problem that has been threatening more countries across Europe.

German legislators say the plan could boost the fund's lending capacity to more than €1 trillion ($A1.34 trillion).

The Associated Press reports it acquired a document showing the currency zone wants to "boost the €440 billion ($A587.65 billion) bailout fund by offering sovereign bond buyers an insurance against possible losses and by attracting capital from private investors and sovereign wealth funds."