The European Central Bank President Jean-Claude Trichet signaled his support for Greece by endorsing measures to prop up investors' confidence to buy new Greek bonds to replace the maturing securities.

In an event in Montreal yesterday he said that the dept rollover is not to be considered default yet he said that the ECB considers it appropriate. He said that doesn't mean that we are against the fact that the private sector, as has been asked a year ago when there was a first program for Greece, financial institutions in Europe were asked to maintain their level of outstanding credit.

Already the matter of bonds rollover favored by the ECB was sparked last week by two officials familiar with the matter that spoke on conditions of anonymity.