Spain Has Time, Greece Does Not: ECB’s Nowotny

Spain might have the luxury of time to delay a request for bailout funds but the timetable for Greece is more urgent, according to European Central Bank (ECB) policy maker Ewald Nowotny.

Reiterating his view that Spain does not need to request immediate aid, Nowotny told CNBC that it was no surprise that Spain was delaying any credit request.

“[A Spanish bailout] is a decision that has to be taken by the Spanish government. As far as I can see… there is no need [for a bailout] as the government is fully financed until the end of this year.”

Spanish Prime Minister Mariano Rajoy continues to deny that his country will sign up to the ECB’s proposed sovereign bond-buying program — called Outright Monetary Transactions (OMT) — as it would mean that Spain would have to agree to strict conditions.

Read Full Article from CNBC

- Posted: 2012-10-30 13:11:32

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