EU leaders hope Greece remains in Eurozone

Turmoil in Greece is forcing other Eurozone countries to consider the prospect that it might soon leave the single currency club.

Luxembourg Prime Minister and president of the group of finance ministers of the 17 euro countries, Jean-Claude Juncker told reporters at the end of a summit of European leaders in Brussels that the Eurozone countries “have to consider all kinds of events” but insisted that “the working assumption” was that Greece would remain part of the euro.

Juncker's statement was a frank admission that Greece could wind up abandoning the euro as its currency—a prospect many analysts fear could cause investors to doubt the financial viability of other weak members of the Eurozone. However, Juncker insisted today that he had not asked the euro nations to prepare national contingency plans for a possible chaotic departure of Greece from the currency.

At the end of a summit dinner of the 27 European Union nations, EU President Herman Van Rompuy said that all EU leaders want Greece to remain in the Eurozone while respecting its commitments to pay back its debt. “We want Greece to remain in the euro area, while respecting its commitments. We are fully aware of the significant efforts already made by the Greek citizens,” he said. “The euro zone has shown considerable solidarity, having already disbursed, together with the IMF, nearly 150 billion euros in support of Greece since 2010. We will ensure that European structural funds and instruments are mobilised to bring Greece on a path towards growth and job creation. Continuing the vital reforms to restore that sustainability, foster private investment and reinforce for a more prosperous future in the euro area. We expect that after the elections, the new Greek government will make that choice.

Van Rompuy said the EU needed to concentrate more on coordinating its policies to promote economic growth, to step up investments and credit to small and medium-sized businesses, and to focus on job creation.

Listen to Christopher Wells' report: