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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 Markets look to ECB to end easy money policies AFP - Thursday, March 4 Send IM Story Print A bar chart showing Greece's monthly debt payments for 2010. Greece has launched a fresh round of draconian austerity measures, winning a welcome on the markets and setting the scene for crucial European support that analysts say could come soon. FRANKFURT (AFP) - – Markets will focus on "exit strategies" from exceptional loan policies when European Central Bank leaders meet here on Thursday, with the Greek debt crisis a second centre of interest. Fresh forecasts for eurozone growth and inflation will also be on the menu. "The key issue to watch will be the promised announcements on the exit strategy from the present liberal liquidity provisions," Goldman Sachs analyst Erik Nielsen said. The ECB wants to undo unorthodox loans of more than one month to commercial banks as it seeks to normalise monetary policies but must step carefully owing to a lacklustre economic recovery and the threat of spooking markets. In addition, "tensions surrounding Greece and the banks in general are likely to inject some concern that a too fast exit could be dangerous," Nielsen said. Related article: Greek pensioners protest against cuts Economists say banks in Greece and other eurozone countries may have become dependent on unlimited supplies of central bank funds that are now available at the bank's benchmark interest rate of one percent. Key dates: Greece's debt crisis That record low rate will remain unchanged, possibly until well into 2011, but borrowing terms will become less favourable, ECB president Jean-Claude Trichet has already warned. The length of the loans, from 12- and six-month operations that are already being undone down to others for one to three months, will be scaled back slowly but surely. The ECB nonetheless appears to be moving faster than the US Federal Reserve and Bank of England in unwinding exceptional measures decided in late 2008 to save the global financial system from collapse. ECB executive board member Jose Manuel Gonzalez-Paramo said last week that "the euro area is quite well placed, if anything having something of a head start." Meanwhile, the ECB will release the latest staff forecasts for growth and inflation, though they are not expected to vary significantly from estimates given in December. The bank then anticipated 0.8 percent growth this year along with inflation of 1.2 percent. Uncertain economic recovery and persistently tame inflation should encourage ECB governors to keep monetary policy on the accommodative side. Then there is the question of Greece, which unveiled Wednesday a pensions freeze, spending cuts and tax rises to slash 4.8 billion euros (6.5 billion dollars) from its public budget to persuade EU peers and markets it can dodge bankruptcy. Trichet and major eurozone powers like Germany have insisted Athens must solve its fiscal problems by itself, but press reports say preparations to come to the rescue are nonetheless underway. Greece's public deficit of 12.7 percent of output is more than four times the accepted eurozone limit and its debt of around 113 billion euros is almost double. Facts: Greece's budget cuts Investors following the Greek crisis have also begun to scrutinize deficits and debt in Italy, Portugal and Spain, feeding speculation about the credibility of eurozone membership criteria and pushing the euro lower against other major currencies. Finally, Trichet will be asked about a press report that eurozone countries want the ECB to create its own country rating unit to break a dominance by agencies like Fitch, Moody's and Standard & Poors'. On Wednesday, an ECB spokesman declined to comment. 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