Austrian govt, c.bank at odds on forex reserves

Austrian Finance Minister Karl-Heinz Grasser clashed with the central bank on Feb. 5, 2001, when he called for up to $6.8 billion worth of its currency reserves to be used to cut the national debt or boost public spending. The deputy governor of the Austrian National Bank, Gertrude Tumpel-Gugerell, rejected the idea, which she said would require the approval of the European Central Bank (ECB) - a position later lent support by the ECB itself.

In an interview with Format magazine, Grasser, a

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