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G8 wants Greece to remain in Eurozone

G8 wants Greece to remain in Eurozone

Greece is trying to avoid default and withdrawal from the eurozone by implementing an austerity programme in exchange for multi-billion-dollar loans from the EU and IMF.

French President Francois Hollande (L) with German Chancellor Angela Merkel. PHOTO: Associated Press French President Francois Hollande (L) with German Chancellor Angela Merkel. PHOTO: Associated Press
The leaders of the G8 industrialised nations met over the weekend and agreed that Greece should remain member of the European Union and welcomed EU efforts to solve debt crisis problems.

Greece is trying to avoid default and withdrawal from the eurozone by implementing an austerity programme in exchange for multi-billion-dollar loans from the EU and International Monetary Fund.

The two-day summit groups together leaders of Britain, Canada, France, Germany, Italy, Japan, Russia and the US.

In a report concerning global economy, G8 said that a strong and united Eurozone was important for global stability and economic recovery, and the group reaffirms its commitment to Greece remained in the euro area.

Athens is planning further austerity measures to save some $33 billion through 2015. The country's total debt has ballooned to $490 billion.

"Greece's withdrawal [from the EU] is a bad scenario. We need Greece to stay in eurozone but it should implement responsible policy," Arkady Dvorkovich, Russian Sherpa at the summit meeting, told reporters.

With IANS inputs