ECB 'Won't Change Rules For Greece'

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Jurgen Stark, a member of the European Central Bank's Executive Board, said on Wednesday that the ECB will not change its rules to help member states with high budget deficits such as Greece.

"Greece knows that it needs to catch up on its homework," he said in a speech at the University of Leipzig.

Athens' top priority at present is a fundamental reorientation of economic policies and a comprehensive fiscal consolidation program, he added.

Turning attention to the economy, Stark said growth in the eurozone is likely to slow in the first half of 2010 from the second half of last year but does not expect the economy to fall back into recession.

"It is likely that the first half of 2010 will be a but quieter than the second half of 2009," he said. "But this should not be considered as signs of a renewed downturn but rather the characteristics of a gradual and uneven economic recovery."

Jurgen Stark, a member of the European Central Bank's Executive Board, said on Wednesday that the ECB will not change its rules to help member states with high budget deficits such as Greece. (Market News Provided by RTTNews)