ECB indicates EU will not rescue Greece

Juergen Stark, chief economist at the European Central Bank and a member of its inner council, said Greece's financial issues do not meet the treaty terms required to trigger an EU rescue. Under the terms, rescues are limited to nations that face substantial challenges "beyond their control". "The treaties set out a 'no bailout' clause, and the rules will be respected. This is crucial for guaranteeing the future of a monetary union among sovereign states with national budgets. Markets are deluding themselves if they think that the other member states will at a certain point dip their hands into their wallets to save Greece," Stark told Italian newspaper Il Sole 24 Ore.

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