Rome summit to focus on EU debt crisis

During the summit, the Italian premier hopes to reconcile France’s and Germany’s stances on how to deal with the bloc’s worsening debt crisis and how to boost the overall economic growth in the eurozone.

The summit, scheduled for June 22, will take place a week prior to the EU’s bi-annual summit on June 28- 29.

Earlier this month, the Italian prime minister had announced his decision to invite the German Chancellor Angela Merkel and the new French President Francois Hollande to discuss the issue, and later extended his invitation to the Spanish Prime Minister Mariano Rajoy.

The summit, which will take place after the second round of Greek legislative election on June 17, is intended to come up with a common plan for tackling the worsening unemployment rate and the financial crisis across the EU.

If Greeks vote for parties like Syriza, which oppose the budget cuts and economic reforms, the EU, International Monetary Fund, and the European Central Bank are expected to cut their financial lifeline — forcing the country out of the eurozone.

Greece’s probable exit from the EU will entail incalculable risks for other weaker EU members such as Spain and Italy and some financial observers have warned that it may destabilize the world economy.

MY/SS

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