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Vienna, 27 November 2012 Fekter: “We want to avoid a further haircut”

“The aim of the aid which has now been agreed for Greece is to avoid a haircut”, Austrian Finance Minister Dr Maria Fekter emphasised. “If we were to accept a debt cut, it would constitute abuse of public office for us to continue pumping money into the country”, the Minister made clear.

Nevertheless, Dr Fekter expressed satisfaction with the outcome: “Greece has complied with 72 conditions and has thus taken the budgetary and structural action that had been demanded of it. For the citizens of Greece, whilst this path will be painful, it will be effective. We are optimistic that Greece will manage to get back onto its feet as a result of these measures.” 

“As a result of the agreed deferral of interest payments, Austria will be receiving EUR 15 million less in interest payments in coming years”, Dr Fekter stated. “The first repayments will begin in 2020 and I hope that, by that time, Greece will have recovered”, Dr Fekter said.

In addition, the Austrian Finance Minister pointed out that she anticipates further reform programmes for countries that have fallen into difficulties; in that context she referred specifically to Cyprus. “However, there will be no financial aid to Cyprus without reforms on the part of that country, either”, Dr Fekter stated in closing.