Italy and Spain agreed on an European Union (EU) growth pact early Friday after they previously threatened to block the document if they could not secure short-term support to ease their mounting financing pressure, Eurogroup Chief and Luxembourg Prime Minister Jean-Claude Juncker said.

The lift of reservations to the pact came after eurozone leaders agreed on measures to ease market pressures in the two countries.

EU leaders agreed on a growth compact during the first phase of a two-day summit Thursday evening, but Italy and Spain refused to sign off as they wanted immediate support measures in exchange, Hollande said at a press conference earlier Friday.

In spite of remarkable austerity measures and structural reforms carried out by the two countries, Italy and Spain remain under high financing pressure.

(Xinhua News Agency June 29, 2012)