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'Fully trust' Greece to honor commitments: EU

'Fully trust' Greece to honor commitments: EU (by William L. Watts)

FRANKFURT (MarketWatch) -- European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy on Tuesday said they "fully trust that Greece will honor the commitments" it made as European leaders last week agreed to a new bailout plan for the country. Greece surprised its European partners and investors Monday when Prime Minister George Papandreou announced that the plan would be subject to a referendum expected to take place in January. "We take note of the intention of the Greek authorities to hold a referendum. We are convinced that this agreement is the best for Greece," Barroso and Van Rompuy said in a joint statement. The officials held a telephone conversation with Papandreou and are in contact with euro-zone members, the statement said.