Nowotny: „Bank Aids Rescue Economy“

More+Comment ♦ Published: June 23, 2012; 18:49 ♦ (Vindobona)

The governor of the Austrian Central Bank OeNB underlines the necessity of the bail-out of Spanish banks.

Nowotny: „Bank Aids Rescue Economy“ / Picture: © Wikipedia / Christian Wirth (Wirthi)

Ewald Nowotny defended the bail-out of European banks. „We have learned a lesson from the 1930s. A collapse of the banking system has massive impacts on the whole economy. We do not rescue banks, but we rescue the economy.“

Nowotny did not answer wheter the € 62bn package for Spain will be sufficient. „It would be incorrect to say that I have insider knowledge of Spanish…