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Androsch Criticizes Hypo Group Purchase

More+ › Comment ♦ Published: May 30, 2012; 20:58 ♦ (Vindobona)

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In 2009, the Austrian state nationalized the financially stricken Hypo Group. Much time was wasted, the industrialist and Fimbag board member Hannes Androsch thinks.

Androsch Criticizes Hypo Group Purchase / Picture: © AIC

For Androsch, the nationalization was a „blind flight through the fog without a radar“. The main issue was not the bank itself, but the public liabilities of the province of Carinthia, which totaled € 18bn. In case of a bankruptcy of Hypo Group, the liabilities would have been shifted to the Austrian Federal Republic, Androsch argues.

Then, Austria lost much time with its…