Further eurozone integration urged; Greeks urged to vote sensibly
European Commission head Jose Manual Barroso has urged eurozone governments to adopt greater integration as the "far-reaching" solution to the region's debt crisis even as France has urged Greeks to vote sensibly on June 17's repeat election to remain within the eurozone.
Barroso, while addressing the European Parliament in Strasbourg, France, said financial markets needed to be convinced that the economic and monetary union was irreversible, otherwise "our prospects are limited".
"We are now in a defining moment for European integration," Barroso said.
"We must recognize that we have a systemic problem," he said, adding, "I'm not sure whether the urgency of this is fully understood in all the capitals."
His comments came even as new French president Francois Hollande has warned Greeks that if they vote to move away from international bailout commitments in the upcoming election, they could be pushed out of the eurozone.
Greece holds elections again June 17 after its May 6 poll left no party with enough parliamentary seats to form a government.
"I respect the Greek people. They will decide what they want on the occasion of the election" Hollande told the private Mega television station in an interview.
"But I must warn them, because it is my duty, because I am a friend of Greece, that if the impression is given that the Greeks want to move away from the commitments that were taken and abandon all prospects of revival, then there will be countries in the Eurozone that will want to end the presence of Greece in the eurozone."
The prolonged political deadlock in Greece has sparked fears that it could leave the 17-nation eurozone and default on its massive debts. If that happens, it will exacerbate Europe's debt crisis, and lead to borrowing rates for debt-hit Spain and Italy to soar and even threaten the viability of the euro.
Source:Europe News.Net
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