Papaconstantinou Says Stark’s Greek Bailout Comment Unnecessary

By Judith Bogner and John Fraher

Jan. 6 (Bloomberg) -- Greek Finance Minister George Papaconstantinou said his government doesn’t need outside help to cut its budget deficit after a European Central Bank official earlier warned that such aid wouldn’t be forthcoming.

ECB Executive Board member Juergen Stark was quoted in Il Sole newspaper as saying that markets are “deluding themselves” if they think other European Union nations will help rescue Greece.

“Frankly we don’t need that clarification,” said Papaconstantinou in an interview with Bloomberg Television today. “We don’t expect to be bailed out by anybody as, I think, is perfectly clear we’re doing what needs to be done to bring the deficit down and control the public debt.”