No plan B for Greece as yet - Austrian Fin Min Schelling

FXStreet (Mumbai) - Speaking before a crucial Euro group meeting in Brussels on Wednesday night and ahead of an EU leaders summit on Thursday, Austria's Finance minister Hans Joerg Schelling told in an interview today, that there is still time to reach an agreement before the February 28 deadline, when Greece's current bailout program ends.

Key Quotes:

"I think we can reach a timely solution before the end of February if Greece wants this,"

Otherwise, matters could get into a "critical phase."

"We again have a situation now in which money is being withdrawn from Greek banks. We have a situation that certain debts may not be able to be serviced, and that is of course a critical phase because the reaction on financial markets would be enormous,"

"If it does not come to a solution, then a Plan B would probably have to be drawn up in time but I am unaware of one at the moment."

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