European Central Bank, Frankfurt. Photo Credit: Wikipedia commons

Greece rejected speculation that they need bailout from the European Central Bank (ECB), as European Commission and bank officials head to Greece to review the embattled country’s financial plans.

“We don’t expect to be bailed out by anybody as, I think, is perfectly clear we’re doing what needs to be done to bring the deficit down and control the public debt,” Greek Finance Minister George Papaconstantinou said during an interview with Bloomberg Television today.

Papaconstantinou’s comments were in response to petulant remarks from ECB Executive Board member Juergen Stark, who told the Italian newspaper Il Sole 24 Ore that EU countries would not bail Greece out, if the dept problem worsened. “Markets are deluding themselves if they think that member states will open their wallets to save Greece,” he’s quoted by the paper as saying.

“Frankly we don’t need that clarification,” Papaconstantinou told Bloomberg. “There is no Plan B. Greece will do what it takes on its own devices. There will be no need for any outside help.”

Still, the Greek government’s plan to get out of its fiscal mess has not impressed markets, nor investors, Reuters reported.

The Financial Times also reported today that the euro took a sudden tumble, following the comments from Stark, but the currency soon recovered after a report that showed that the region’s service sector was expanding at its fastest pace in more than two years.

Greece has pledged to cut its deficit to 8.7 percent of gross domestic product this year, from 12.7 percent in 2009 and to push it below the EU’s 3 percent limit by 2012.

The European Commission will not make its opinions on Greece’s financial plans public until the country releases more detailed plans later this month, EU spokeswoman Amelia Torres told Bloomberg.