Greece Must Fix Public Finances on its Own, Says Ewald Nowotny of the Bank's Governing Council

BY NINA KOEPPEN

ECB Member Says No Bailouts

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VIENNA -- The European Central Bank won't bail out debt-stricken member states such as Greece, which must repair its public finances on its own, ECB governing council member Ewald Nowotny said.

"One has to be very clear: The ECB has no mandate or intention to take into account the situation of a specific country, especially not with regard to public finances," he said in an interview late Friday.

But Mr. Nowotny, who is head of the Austrian central bank, defended Austria's recent major bank bailout. The emergency nationalization of Hypo Group Alpe Adria contributed to jitters in European markets last ...

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