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Debt crisis in Europe still grim: Austrian FM

(Xinhua)

08:59, September 19, 2011

VIENNA, Sept. 18 (Xinhua) -- Michael Spindelegger, Austrian Vice Chancellor and Foreign Minister publicly stated on Sunday that the current debt crisis in Europe is still grim, not excluding "the possibility of bankruptcy of Greece."

During an interview with the Austrian Broadcasting (ORF), the national public service broadcaster, Spindelegger admitted that "there is a possibility of bankruptcy for Greece due to its heavy debt burden."

"This is not the end," he said, believing there is still rooms for the European Union (EU) to take measures dealing with the current situation. "If we allow a scenario where we will send Greece into bankruptcy, what does that mean for other countries."

However, he stressed that facing the debt crisis of Greece, people have to respond "with a cool head." "It is now not the right time to implement a new round of assistance to Greece, because the conditions are not met."

According to the official, only when Greece can prove that it has done its own part, the assistance would be provided, and now people need to see a real improvement in Greece's fiscal situation.

Spindelegger also expressed his opinion against an increase in euro rescue package proposed by the United States.

The current eurozone rescue package is already very large, as 700 billion or 800 billion euros would be "unimaginable sums of money," he said. "I do not think what the U.S. Finance Minister said is right."

He also said that Europe must designate "a debt boundaries." "It can not be always allowed to add new debt."

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