ECB can provide monetary, not budget help: Nowotny

VIENNA (BestGrowthStock) – The European Central Bank can help countries with debt problems but not through financing budget deficits, Governing Council member Ewald Nowotny said on Sunday.

“As far as the euro goes, the fundamentals are completely fine,” Nowotny said in a live talkshow on Austrian state television ORF.

European finance ministers are meeting on Sunday to discuss emergency plans to stop Greece’s debt crisis spreading.

“Where is the drama? It’s about some countries having difficulties in selling their bonds,” Nowotny said.

“Now there are exaggerated moves fueled by speculators, it makes sense to undertake short-term rescue packages.”

“The ECB can also help but in the monetary area, not through financing budget deficits.”

Stock Report

(Reporting by Boris Groendahl)

ECB can provide monetary, not budget help: Nowotny