Austria says Greece may have to reschedule debts

[July 14, 2011]  VIENNA (AP) -- Austria's finance minister says Greece may have to reschedule its mountain of debts.

Maria Fekter's comments to the Austrian Press agency Thursday come a day after the Fitch agency slashed its credit rating on Greece further into junk status and to only one above a default rating.

"What I don't want is a haircut," she said, referring to a situation whereby Greece pays less than what it owes. "That would represent sudden damage to the Austrian tax payer."

Greece is relying on loans from a euro110 billion ($155 billion) international bailout from other eurozone countries and the International Monetary Fund. Discussions are under way for a second bailout.

[Associated Press]

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