Bloomberg News

ECB Nowotny Sees Difficult Times Ahead, Hopes to Resolve Greece

May 22, 2012

European Central Bank Governing Council member Ewald Nowotny expects “difficult times” ahead.

“We will face some difficult times ahead,” Nowotny told bankers and investors in Vienna today. “We won’t see a turnaround from one day to the other.”

Nowotny said he hoped the Greek elections next month would create a “sensible solution” for the Mediterranean country and give the European Union “a partner who is capable of action.” He declined to comment whether Greece would have to leave the euro area.

Austria’s central bank, which Nowotny heads, will probably raise its economic forecast for the Alpine republic to 1 percent from 0.7 percent, he also said.

To contact the reporters on this story: Boris Groendahl in Vienna at; Zoe Schneeweiss in Vienna at

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

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