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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap ECB chief rules out Greek default, euro slides AFP - Friday, May 7 Send IM Story Print President of the European Central Bank Jean-Claude Trichet of France gives a press conference at Belem Cultural Center, after the Governing Council Meeting in Lisbon. Trichet sought to bolster eurozone confidence Thursday, ruling out a Greek default and insisting that Spain and Portugal were not in the same boat as debt-saddled Greece. LISBON (AFP) - – The head of the European Central Bank sought to bolster eurozone confidence Thursday, ruling out a Greek default and insisting that Spain and Portugal were not in the same boat as debt-saddled Greece. But his remarks appeared to do little to calm market jitters. "Default is for me out of the question," Jean-Claude Trichet said following an ECB meeting in Lisbon. The central bank chief also tried to quell market fears the financial turmoil afflicting Greece might spread to other countries in the 16-nation eurozone. "Greece and Portugal are not in the same boat," Trichet told a press conference after the bank left its main lending rate at a record low of one percent. "I would say Spain is not Greece," he added. Portugal and Spain are the two countries most often mentioned as financial market targets owing, like Greece, to swollen public deficits. In general, Trichet commented little on Greece, which is battling to correct a public deficit of 13.6 percent of output and pay down 300 billion euros (380 billion dollars) in debt. But his remarks failed to shore up European markets. The euro fell under 1.27 dollars, striking a near 14-month low, 1.2691 dollars. Stock markets also fell. Goldman Sachs chief European economist Erik Nielsen said that "for anyone expecting the ECB to announce new measures to deal with the recent tensions, this was a disappointment." Trichet did state that the bank's governing council had not discussed the possibility of buying government bonds, as many analysts have speculated it will, in order to provide debt-crushed governments with financial support. "All in all, the ECB tried to say as little as possible on Greece and possible future action," despite repeated questions from journalists, ING senior economist Carsten Brzeski commented. But Trichet did allow for the possibility of further exceptional monetary measures to boost economic growth that the ECB forecast "could be uneven in an environment of high uncertainty." Meeting in Lisbon for a twice-yearly gathering away from the ECB's Frankfurt headquarters, governors faced the biggest challenge to Europe's single currency in its 11-year history. In Greece, unions mobilised for fresh protests against draconian budget cuts and taxes required to obtain 110 billion euros in aid from the European Union and International Monetary Fund. And tension across Europe grew after the international agency Moody's warned that fallout from the Greek crisis presented a risk of "contagion" for the credit rating of banks in Britain, Ireland, Italy, Portugal and Spain. While Portugal is considered one of the eurozone countries most at risk of financial market attacks, the decision by the ECB to meet in Lisbon was taken more than a year ago, months before the Greek debt crisis erupted. In an abrupt about-face on Monday, the ECB said it would accept Greek debt as collateral for central bank loans even if the debt was downgraded to junk status, as the ratings agency Standard and Poor's has done. That has led analysts to conclude it could make U-turns on other key issues. The Greek crisis has slashed the value of the euro against that of other major currencies, something which cuts both ways since it boosts eurozone exports but also raises the cost of energy paid for in dollars. To underpin confidence, Trichet pressed governments to come up with plans to consolidate their budgets that focused on public spending cuts and structural reforms. The longer officials hesitated, Trichet warned, the higher the risk of losing market confidence would be. 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