The violent demonstrations held in Athens have spooked world markets.

The board of the European Central Bank, which kept interest rates intact, met in Lisbon. All eyes have been fixed on the Press conference the ECB head is to give. Fears that the crisis could spread to Spain and Portugal are mounting.

Economic recovery in the eurozone will be slow in 2010, while uncertainty still remains, said European Central Bank President Jean-Claude Trichet.

The current interest rates are appropriate, added he, highlighting the absence of a long-term inflation danger.

Default is not an issue for Greece, estimated the ECB chief.

EU Commissioner for Monetary Affairs Olli Rehn underlined the need to put out the fire broken out in Greece before "spreading to the woods." He also unveiled the EU spring economic predictions.

The improvement of this year's growth rates is a good news for the EU, said Olli Rehn, urging, however, the EU nations to remain on standby.

According to the European Commission, recession in Greece will stand at 4% of GDP in 2010 and at 2.6% in 2011.

However, the EU Commissioner argued that the Greek economy will start recovering the last quarter of 2011.

Touching on the support mechanism, Olli Rehn stressed that Greece will manage to return to the world markets in 18 months' time.

Asked whether the financial crisis in Greece could spread to other eurozone nations, including Spain and Portugal, Olli Rehn said that Greece is a unique case and that no other country has ever submitted false figures