Latest News:  
Beijing   Sunny    22 / 11   City Forecast


Debt crisis in Europe still grim: Austrian FM


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."


Leave your comment0 comments

  1. Name


Selections for you

  1. Aircrafts perform during Air Show in Sion

  2. Chavez leaves for Cuba to treat cancer

  3. Int'l Tourism Festival opens in Beijing

  4. Evening gowns dazzle Madrid Fashion Week

Most Popular


  1. What does American Dream mean for China?
  2. A chance to reflect on the ashes of history
  3. Sincere, practical co-op between China, Africa
  4. Why does US block Palestine's bid for entering UN
  5. Egypt-Israel crisis likely to ripple through Middle East
  6. Debating luxury duties: Up, down or scrapped
  7. China's investments boost US economic recovery
  8. Woman cuts watershed for China’s charities
  9. Food safety supervision overwhelms food crime
  10. China's actions in Libya show diplomatic maturity

What's happening in China

The power and glory

  1. Bank's credit card bills found dumped
  2. 'Enemy of the state' finds no charity
  3. China Telecom to sell iPhone 5
  4. Home prices, inflation irk most Chinese
  5. Guangdong refuse to treat HIV burn victim

PD Online Data

  1. The Yi ethnic minority
  2. The Salar ethnic minority
  3. The Tu ethnic minority
  4. The Pumi ethnic minority
  5. The Naxi ethnic minority