UPDATE 1-ECB'S Nowotny says Spain has no immediate need of help
* Nowotny expects no immediate request from Spain
* Spain should try to refinance before seeking aid
* Greece should get more time to pay back debts
* ESM needs to be tested (Adds quotes, details on ESM, background)
VIENNA, Oct 28 (Reuters) - Spain has no immediate need of help from the European Central Bank's new bond-buying programme and should try to refinance itself before requesting aid, ECB policymaker Ewald Nowotny said.
Spain does not have the structural problems that Greece has and is currently in a position to refinance its debts on the markets at an acceptable cost, Nowotny said in an interview on Austrian ORF television on Sunday.
"As far as I'm informed, Spain is essentially refinanced for 2012. That means it has no immediate need, and I also believe it's thoroughly sensible to try to fix things at home and only come back and ask for help if this doesn't work," he said.
The ECB has said it is ready to use its new bond-purchase programme to help euro zone countries that apply for aid, but it is up to the countries concerned to decide whether to apply for such aid, which comes with stringent conditions.
Nowotny said, however, he would like to see the European Stability Mechanism, the euro zone's new permanent bailout fund, tested, as he feared it may be so complicated that countries' problems could worsen while they waited for payouts. Continuación...