German bank chief rules out aid for crisis-hit Greece

(BERLIN) - The head of the German central bank, Axel Weber, said Tuesday that any aid for crisis-hit Greece at the European level would be counterproductive and impossible to justify politically.

Weber, among the most influential members of the European Central Bank (ECB) board and one of the favourites to take over the presidency of the bank next year, said the ECB could not help one state when others were also struggling.

"Politically, it would not be possible to tell voters that one country is being helped out so that it can avoid the painful savings that other countries have made," Weber told the Boersen Zeitung financial paper.

Such a bail-out "is not provided for and, as a general rule, I think such aid, whether it is conditional, or -- even worse -- unconditional, is counterproductive," Weber added.

Battered by the financial crisis, Greece has been hit by three credit downgrades in reaction to concerns over the country's huge debt and public deficit.

The crisis in Greece has led to the euro losing value on the international currency markets and even talk in some circles that Greece should leave the 16-member euro bloc.