EU leaders set Greece growth plan
European Union leaders agreed on a initiative to help Greece achieve economic growth, but continue to insist the country carry out austerity measures.EU leaders met for 6 hours in an extraordinary summit held in Brussels, Belgium, on Wednesday.They confirmed they want Greece to stay in the eurozone but called on it to carry out austerity and respect its commitments for receiving an EU bailout.The leaders agreed for the first time on measures to help Greece achieve economic growth and job creation.They agreed to use EU subsidies designed to narrow inequalities among members.Summit comes as Greece prepares to hold fresh elections June 17th after attempts to form a coalition failed.European Council President Herman Van Rompuy said continuing vital reforms is the best guarantee for a more prosperous future in the euro area. He said EU leaders expect the next Greek government to make that choice.He also said the EU needs both financial stability and growth, and should not see the situation as a choice between the two.
The meeting discussed growth strategies for the region amid the reality that austerity is hurting the economies of heavily indebted countries.They agreed on measures such as boosting the lending capacity of the European Investment Bank.
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