Austrian government rules out withdrawal from euro

11:13, May 18, 2011      

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Austrian Chancellor Werner Faymann on Tuesday stressed that Austria won't withdraw from the common European currency.

With the intensification of debt crisis across Europe, in Austria, including some political parties, the voice of requiring Austria to withdraw from the euro has gone up again and again.

After attending the council of ministers on Tuesday, Faymman told reporters "there is no reason for such a proposal, we firmly oppose it." He also pointed that the proposal was a "huge treat" to the stability of state.

Meanwhile, he stressed that Austria had benefited a lot from the European Common Monetary Policy and Austria won't get better from the crisis without the common monetary.

According to the report of Austrian Press Agency today, Faymann admitted at the council of ministers that, while discussing the issue of euro, the stability of euro was indeed facing great challenges, but withdrawing from the common currency would lead to enormous damage to the national interests of Austria.

Michael Spindelegger, Austrian Vice Chancellor and Foreign Minister, also stressed the importance of maintaining stability in the euro area. He said he was pleased to see that the euro has the mechanism of protective umbrella and praised it for playing a crucial role in stablizing the currency.

Source: Xinhua
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