Leaders of Italy and Spain, two countries at the centre of contagion fears in the euro zone debt crisis, on Monday welcomed the Greek election result as good news for Europe.
Italian Prime Minister Mario Monti said the poll outcome, a narrow win for the pro-bailout New Democracy party, augured well for the future of the European Union and euro zone countries but added that Athens must move quickly to form a new government.
“This allows us to have a more serene vision for the future of the European Union and for the euro zone,” he told reporters in Mexico upon arriving for a G-20 summit.
Monti, whose comments were aired on Italian television, said he was very pleased with the the victory of the New Democracy party.
“We hope that a strong government can be formed which confirms the commitments made with the EU,” he said.
Monti said Greeks had understood the importance of the EU, even if under difficult circumstances.
Speaking on his arrival at Los Cabos for the G-20 talks, Spanish Prime Minister Mariano Rajoy greeted the election outcome as “good news for Greece, very good news for the European Union, for the euro and also for Spain”.
“I am totally convinced that this strengthens the euro. The euro project is irreversible and we must continue to make progress on it.”
Both Spain and Italy saw their borrowing costs rise to near unsustainable levels as investor jitters about a possible Greek exit from the euro zone intensified the currency bloc's debt crisis in the weeks leading up to the rerun Greek election.
Rajoy said he was in favour of European fiscal integration and a banking union.
“It's true that some things take time but it's also true that we need to take steps in the right direction,” he added. - Reuters