‘EU forcing Greece into austerity’
"The European political class, by issuing this warning, is trying to make it clear to the Greek voters that they have to choose the euro and they have to choose the austerity program”, Lauhgland added. European leaders are meeting in Brussels to discuss ways to salvage the flailing eurozone economy. But disagreements between the EU’s largest economies, Germany and France, are rife. German Chancellor Angela Merkel continues to insist on austerity measures as the principle measure to prevent the crisis from spreading and deepening. She also voiced vehement opposition to the idea of issuing Eurobonds, bonds that would be shared by all nations using the euro, thereby lowering the cost of borrowing for nations in the red, such as Greece, Spain, Italy and Ireland. France's new socialist President Francois Hollande has been insisting on a new approach aimed at stimulating growth first and foremost. He has also backed Eurobonds, arguing that they would prevent troubled countries from sinking further into debt. Both sides have to search for a compromise ahead of what could be a decisive second Greek election in June.Meanwhile, reports say single currency member nations are preparing backup plans for the consequences of a Greek exit.