Monti, Hollande, Merkel, Rajoy summit June 22 in Rome
ROME - Agence France-Presse
French President Francois Hollande talks with German Chancellor Angela Merkel during the 2012 NATO Summit in Chicago, May 21, 2012. REUTERS Photo
The leaders of Italy, France, Germany and Spain will hold a summit on the eurozone crisis on June 22 in Rome, just days after a crucial Greek vote on eurozone membership, the Italian government said today.The summit, at which Italian Prime Minister Mario Monti hopes to mediate between the French and German positions on how to boost growth, will take place a week before the European Union holds its twice-yearly summit on June 28-29.
It will follow a second round of legislative elections in France and a second election in Greece on June 17, a vote which could seal Athens' fate over its future in the eurozone -- and have dire consequences for Spain and Italy.
Earlier this month Monti had announced a meeting with new French President Francois Hollande and German Chancellor Angela Merkel for June, and later extended the invitation to Spanish Prime Minister Mariano Rajoy.
The leaders will hope to thrash out a common plan for tackling the crisis.
If Greeks vote for parties against the budget cuts and reforms tied to a second debt rescue, the EU, IMF and ECB are expected to cut their financial lifeline -- forcing the country out of the eurozone.
Its exit could cause incalculable risks for other weaker members, notably Spain and Italy, and some financial observers have warned that it may destabilise the world economy.
Monti has joined other leaders in calling for a greater focus on growth in order to balance harsh austerity measures -- particularly severe in Italy.
He appears also to tentatively support Hollande over the launch of eurobonds as a tool with which to survive the debt crisis, but the issue has divided European leaders, with Merkel repeatedly coming out against the move.
