G7 applauds European support for Greece

(LOS CABOS) - Finance chiefs from the Group of Seven industrialized economies on Sunday applauded European support for the next Greek government and said it was vital that Greece stay in the eurozone.

The G7 communique came ahead of a wider G20 summit in the Mexican resort of Los Cabos, where world leaders meet on Monday and Tuesday amid palpable relief that supporters of an IMF and EU-led bailout won a pivotal Greek poll.

"Taking note of the Greek elections, we look forward to working with the next government of Greece and believe that it is in all our interests for Greece to remain in the euro area while respecting its commitments," the statement said.

"We welcome the commitment of the euro area to work in partnership with the next Greek government to ensure they remain on the path to reform and sustainability within the euro area."

European Union leaders urged the conservative New Democracy party and its likely coalition partner, the socialist Pasok party, to urgently form a new administration that can lead Greece out of its debt crisis.

Antonis Samaras, leader of New Democracy, has pledged to honor Greece's commitments but says he wants to ease the terms of the multi-billion-dollar EU-IMF rescue package that has imposed harsh austerity on many Greeks.

The anti-austerity leftist Syriza party, which placed second, had vowed to tear up the European Union and the International Monetary Fund bailout deal that has given Greece a credit lifeline in exchange for harsh spending cuts.

The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States.