I have checked the documentation provided by Oracle and found a way to modify a constraint without dropping the table. Problem is, it errors out at modify as it does not recogn
As of version 9.4, PostgreSQL supports ALTER TABLE ... ALTER CONSTRAINT
for foreign keys.
This features will "Allow constraint attributes to be altered,
so the default setting of NOT DEFERRABLE can be altered to DEFERRABLE and back."
Looking at your question I think that is (kind of) what you have been looking for.
More detailed information and an example can be found here:
http://www.depesz.com/2013/06/30/waiting-for-9-4-alter-table-alter-constraint-for-fks/