Italy, Greece insist on "absolute need" to preserve eurozone

PanARMENIAN.Net - The leaders of Italy and Greece are insisting on the "absolute need" to preserve the eurozone, as Greek politicians struggle to put together an austerity package critical to the country's financial survival, The Associated Press reports.

Italy's Premier Mario Monti met Friday, Sept 21, with Greek Prime Minister Antonis Samaras on the sidelines of a political conference in Rome. A statement from Monti's office said the two leaders reiterated their conviction of "the absolute need to safeguard the integrity of the eurozone, stabilize markets and proceed in the process of European integration."

Samaras' coalition government has yet to agree on details of €11.5 billion ($15 billion) worth of cuts so the country can get bailout cash. Without the money, Greece might default on its debts and abandon the euro.

Monti was later meeting the leaders of Ireland and Spain.