March 2, 2015 / 5:11 PM / 5 years ago

Austria eyes 50 pct Heta debt haircut - Der Standard

VIENNA, March 2 (Reuters) - Austria is targeting a 50 percent debt haircut for creditors of “bad bank” Heta Asset Resolution, newspaper Der Standard reported on Monday, citing unnamed political sources.

A finance ministry spokesman referred to comments by Minister Hans Joerg Schelling that it was too early to say what size debt cut might come and that it would be up to the Financial Market Authority wathdog to decide.

The FMA stepped in on Sunday to wind down Heta and imposed a debt moratorium after outside auditors found a capital hole of up to 7.6 billion euros ($8.50 billion) that the government refused to plug. ($1 = 0.8940 euros) (Reporting by Michael Shields and Angelika Gruber; editing by Ralph Boulton)

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