European leaders have wrapped up a regional summit in Brussels without agreement on a response to the sovereign debt crisis that threatens to tear apart the eurozone. A dispute has opened up between German Chancellor Angela Merkel and newly inaugurated French President François Gérard Hollande over Hollande’s call for eurobonds to help member states with crushing debt. Ahead of the upcoming Greek elections, the president of the European Council, Herman Van Rompuy, said the EU expects Greece to adopt the austerity measures required for loans.

Herman Van Rompuy: “We will ensure that European structural funds and instruments are mobilized to bring Greece on a path towards growth and job creation. Continuing the vital reforms to restore debt sustainability, foster private investment and reinforce its institutions is the best guarantee for a more prosperous future in the euro area. We expect that after the elections the new Greek government will make that choice.”