Eurozone 'will stay the course'
The euro currency and the "European project" are both irreversible, European Commission president Jose Manuel Barroso has insisted.Ahead of this weekend's Greek election, which could determine the fate of the eurozone and the fortunes of the global economy, he said EU leaders would "stay the course" in the midst of the crisis.
The Greek poll is likely to put in power a leadership which will challenge the tough austerity terms imposed along with the recent massive Greek bailout from the EU and International Monetary Fund.
That could worsen market confidence in the single currency and spread single currency "contagion" to debt-ridden Spain and Italy.
But Mr Barroso, speaking before heading to Mexico for Monday's timely G20 summit, insisted: "We are determined to show the world that the euro and the European project are irreversible."
The Greek election result, on which so much depends, will be clear by the time the G20 leaders gather round the table in Los Cabos.
Mr Barroso said: "Once again the world is looking at the G20 to help resolve the crisis.
"The main risks are related to tensions in financial markets, as well as concerns about fiscal, financial and external imbalances. They concern many regions in the world, including the eurozone."
He went on: "As G20 leaders we all need to make ambitious and responsible contributions to remove obstacles to growth and tackle the unacceptably high levels of unemployment, which hurt our social fabric and people's sense of dignity and purpose. What is at stake is our collective capacity to act.
"In Europe we are not complacent about our difficulties and acknowledge that further efforts are needed. 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."
The Greek election result, on which so much depends, will be clear by the time the G20 leaders gather round the table in Los Cabos.
Mr Barroso said: "Once again the world is looking at the G20 to help resolve the crisis.
"The main risks are related to tensions in financial markets, as well as concerns about fiscal, financial and external imbalances. They concern many regions in the world, including the eurozone."
He went on: "As G20 leaders we all need to make ambitious and responsible contributions to remove obstacles to growth and tackle the unacceptably high levels of unemployment, which hurt our social fabric and people's sense of dignity and purpose. What is at stake is our collective capacity to act.
"In Europe we are not complacent about our difficulties and acknowledge that further efforts are needed. 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."
© 2013 Press Association