European Central Bank president Jean-Claude Trichet has dismissed financial market speculation that Greece might quit or be expelled from the euro zone as an 'absurd hypothesis'.
Trichet, speaking following a meeting of ECB policymakers, added: 'That being said, there is a lot of hard work to do'.
'We have a special message for all members of the euro area, it is also very important that some of them which have a special difficulty, it is for their their own prosperity, for their own recovery that they have to address the situation in taking the appropriate, bold and courageous measures,' he added.
Greece has come under mounting pressure from its euro zone partners to rein in huge debt and deficits that are threatening to undermine its credibility on financial markets.
Meanwhile, Trichet also described Ireland's efforts to stabilise its public finances as 'quite impressive' and referred 'bold and courageous decisions which have been taken to put the economy back on its feet in difficult and demanding circumstances'.
Earlier, the ECB kept its main interest rate stable at a record low of 1%. It also kept two other benchmark rates, the marginal lending rate and the deposit rate, unchanged at 1.75% and 0.25%.
The ECB's chief economist Juergen Stark warned Athens last week not to count on a rescue by European Union partners.
Direct assistance by euro zone members to Greece would violate rules that underpin the single currency, but observers widely expect some kind of solution to be found.
Greece's sovereign debt was downgraded last month after its public deficit rose to 12.7% of total output in 2009, far above the 3% ceiling permitted to countries that share the single currency.
Greek debt was estimated at 113% of output meanwhile, and will likely climb to more than double the European Union limit of 60%.
Greece is to present a blueprint for resolving its crisis tomorrow, officials said today.
Finance Minister George Papaconstantinou described the plan as a 'roadmap' to overcome great obstacles and reverse the 'huge credibility gap' that Greece is facing in the financial markets.
