G-8 leaders say Greece should remain in Eurozone

From left: Japanese Prime Minister Yoshihiko Noda, Russian Prime Minister Dmitry Medvedev, President of the European Commission Jose Manuel Barroso, President Barack Obama, Canadian Prime Minister Stephen Harper and German Chancellor Angela Merkel make their way to a photo op at the G-8 Summit Saturday, May 19, 2012 at Camp David, Md.
AP Photo/Charles Dharapak
Last Updated 2:34 p.m. ET

(CBS News) Leaders from the Group of Eight nations, meeting at Camp David in Maryland, said Saturday they are interested in keeping Greece part of the European economic zone.

"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 G-8 leaders said in a statement.

Leaders from France, Germany, United Kingdom, Italy, Japan, Russia, Canada and the United States are discussing the challenges facing a global economy, with the fragility of the eurozone central to the agenda.

Today's statement may temporarily alleviate the possibility that Greece could be dropped from the economic coalition because of its debt crisis and subsequent political gridlock. The country's harshest critic has been German leader Angela Merkel.

"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 statement also said, adding that they "the right measures are not the same" for each country to produce economic growth. 

President Obama sought to bring the leaders closer together on how to deal with the economic troubles. German Chancellor Angela Merkel, who has been at odds with many of her European counterparts, fiercely advocated for greater austerity while newly elected French President Francois Hollande backs pro-growth measures.

Merkel and President Obama are set to meet at Camp David after the G-8 meeting closes. 

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The leaders also released a statement on the global energy supply, recognizing disruptions in the oil supply due to Iranian sanctions are an added challenge to economic recovery.

However, the leaders indicated that oil flow disruptions would not prohibit an Iranian oil embargo from moving forward.

"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," the leaders released in a statement. 

The meeting ends with discussions on economic development in North Africa and the Middle East.

  • Leigh Ann Caldwell On Twitter»

    Leigh Ann Caldwell is a political reporter for CBSNews.com.

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