PM: Need decisive action on euro

The PM has warned European leaders the eurozone must take "decisive action to ensure financial stability and prevent contagion." Fitch ratings agency says all euro members face being downgraded if Greece's elections don't produce a stable government

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Barroso: We want Greece to stay in the Eurozone

At the G8 Summit José Manuel Barroso, President of the European Commission, has been speaking about the financial turmoil in the EU.He said the wounds caused by the political crisis are not yet healed and that European need to take action for growth while putting public finances in order.

He said this is the only path to sustainable growth and that a confident G8 summit will recognise this. He emphasised the growing awareness in Europe of the need to combine fiscal consolidation with structural reform.

Turning to the issue of Greece's existence within the Eurozone he said Europe wants Greece to stay in the Euro area and that Greece is part of the Euro family. But he stressed that the nation must fulfill its commitments for its loan program.

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