European Central Bank chief Jean-Claude Trichet today ruled out Greece being forced to default on its debt after the bank left interest rates on hold for an 11th consecutive month amid renewed concerns about the financial crisis gripping Athens, according to dpa. The ECB kept its key refinancing rate at a record low of 1 per cent as worries about Athens' battle to slash its deficit and debt levels undercut the euro and led to another plunge in Greek bonds. Speaking at a press conference following the meeting of the bank's 22-head rate-setting council, Trichet moved to allay market fears saying "default is not an issue for Greece." Facing unusually critical reporters' questions about the ECB's stance on Greece, Trichet said the European Union leaders' rescue plan announced last month was "a very serious commitment" to dealing with the problems facing Athens.
