ECB's Stark: No EU Support For Greece

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The European Union members will not bail out Greece even if such a move becomes necessary, European Central Bank Executive Board member Juergen Stark told Italian financial newspaper Il Sole 24 Ore, in an interview published Wednesday.

Stark said the ballooning budget deficit in Greece is created by the country's government and not a result of the global economic crisis.

"The markets are deluding themselves when they think at a certain point the other member states will put their hands on their wallets to save Greece," the paper quoted Stark as saying.

Meanwhile, Greece vowed to speed up efforts to reduce its massive budget deficit and bring it in line with European Union rules within two years, a year earlier than previously planned.

The government is now targeting to bring its deficit, estimated at 12.7% of gross domestic product, with the EU's 3% limit by the end of 2012.

The European Union members will not bail out Greece even if such a move becomes necessary, European Central Bank Executive Board member Juergen Stark told Italian financial newspaper Il Sole 24 Ore, in an interview published Wednesday. (Market News Provided by RTTNews)