Eu wants Greece in eurozone but ready for worse

The EU wants Greece to remain in the eurozone, so long as it complies with the commitments taken. Meanwhile it is readying to deal with it leaving the eurozone, should this ensue. The latter is the message launched to Athens by the EU summit which also noted internal divisions between a majority of countries in favour of eurobonds (led by France and Italy) and those against them, Germany first and foremost. As concerns measures to bring in growth, the summit identified a number of ''paths'' to be followed: recapitalisation of the EIB, project bonds, better use of structural funds, and the 2013 EU budget. These matters will be under discussion in June, when the Tobin tax will also be debated. In the statement on Greece released at the end of the summit, according to the words used by EU Commission chairman Jose' Manuel Barroso, ''we have sent a clear message to Athens: we want it to remain in the eurozone through complying with the commitments taken on''. It will be up to the government resulting from the June 17 elections, according to the statement, to choose whether or not to make the necessary choices to ensure its future in the eurozone. ''Most countries support eurobonds,'' Italy's Prime Minister Mario Monti claimed, saying he was cautiously optimistic over the result of the summit as concerns measures for growth, while at the same time underscoring the need to do more in order to prevent the efforts being put forth by Italy and other countries for recovery of public finances from being in vain. Newly-elected French president Francois Hollande, in his debut on the European scene, asked that the possibility of eurobonds be included on the EU agenda in order to bring about better economic integration, necessary alongside monetary integration. It is true, however, that Berlin's position is still very different on the matter. ''In Germany's view, eurobonds are an arrival point, whereas for us they are the starting one,'' Hollande said, acknowledging however that eurobonds do not in and of themselves constitute an instrument for growth. ''In any case, the debate will continue,'' he added.