Bloomberg News

Nowotny Sees ‘Stress’ in Government, Bank Refinancing Next Year

December 16, 2011

Dec. 16 (Bloomberg) -- European Central Bank Governing Council member Ewald Nowotny said the refinancing needs of European governments and banks next year will cause “stress” as early as in February.

“There will be significant stress and it is therefore necessary to take appropriate measures,” Nowotny told journalists in Vienna. “This includes both long-term measures, as discussed at the Brussels summit, but also short-term measures to address the immediate problems which will emerge as early as in February.”

Nowotny said European governments will have to refinance 1.3 trillion euros of debt next year, and banks will have to refinance an additional 1 trillion euros.

To contact the reporter on this story: Boris Groendahl in Vienna at

To contact the editor responsible for this story: Zoe Schneeweiss at

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