G8 leaders stress growth, and eurozone

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Washington: The leaders of the G-8 group of the world`s most powerful economies on Saturday said they want debt-stricken Greece to remain in the eurozone and vowed to promote economic growth to reinvigorate their economies in the face of the European debt crisis.

"We agree on the importance of a strong and cohesive eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments," the leaders said in a statement issued from the Camp David summit.

"We all have an interest in the success of specific measures to strengthen the resilience of the Eurozone and growth in Europe. However, the leaders acknowledged "the right measures are not the same for each of us".

Greece`s possible exit from the eurozone was high on the agenda, following inconclusive elections there.

The leaders of France, Germany, the US, the UK, Italy, Japan, Canada and Russia have been meeting at Camp David in the US.

"The global economic recovery shows signs of promise, but significant headwinds persist. Against this background, we commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us," the statement said.

"We support Euro Area Leaders` resolve to address the strains in the Eurozone in a credible and timely manner and in a manner that fosters confidence, stability and growth," the joint statement said.

"We agree that all of our governments need to take actions to boost confidence and nurture recovery including reforms to raise productivity, growth and demand within a sustainable, credible and non-inflationary macroeconomic framework," the statement said.

"We commit to fiscal responsibility and, in this context, we support sound and sustainable fiscal consolidation policies that take into account countries` evolving economic conditions and underpin confidence and economic recovery," it added.

Expressing concern over increasing disruption in oil supply, they also vowed to ensure oil markets are "fully and timely supplied.

"Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months, we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied," G-8 leaders said.

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