ECB's Weber says no need for IMF to help Greece

FRANKFURT Dec 9 (Reuters) - There is no need for the International Monetary Fund to help Greece out of its fiscal difficulties, European Central Bank Governing Council member Axel Weber said late on Tuesday.

Weber told the International Club of Frankfurt Business Journalists that Europe had its own set of rules -- the stability and growth pact -- which do not involve the IMF.

"Rightly so from my point of view," Weber said. "And because we have a fiscal framework that works, I see no necessity to add to it."

Fitch Ratings cut Greece's debt to BBB+ on Tuesday with a negative outlook, the first time in 10 years a major ratings agency has put Greece below an A grade, citing fiscal deterioration in one of the euro zone's weakest economies.

Greek Finance Minster George Papaconstantinou told a news conference the country will rely on its own strength and will do whatever it takes to reduce its budget deficit, expected to hit 12.7 percent of gross domestic product this year.

Weber warned that a quick consolidation in Greece was necessary, saying it was not down to the ECB to solve the country's problems because monetary policy could only be applied to the euro area as a whole and not for single countries, and responsibility lay with national policymakers.

Before discussion of further steps, the country's own efforts would have to be evaluated. "The ball is first of all in Greece's court," Weber said, adding that he expected the adjustment process to be "painful and drawn-out" in the years to come.

"I assume we will see a consolidation, that's one of the core deliverables for the new government."

Greek banks were not at risk, Weber said. They would, despite the downgrade, be able to refinance via the ECB, which accepts government bonds rated up to "BBB-" due to the financial crisis until the end of 2010.

Weber declined to comment on what could happen after 2010. (Reporting by Andreas Framke and Krista Hughes; Editing by Ruth Pitchford)