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ECB to monitor Greek recovery plan

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ECB to monitor Greek recovery plan

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The European Central Bank is to assist the European Comission in monitoring the Greek government’s actions to counter its budget defecit crisis.

ECB President Jean Claude Trichet said the bank would be drawing up “necessary additional measures” to maintain stability in the euro zone.

Meanwhile the International Monetary Fund has pledged support for Greece, but produced no specific rescue plan, to the disappointment of the market.