Another Austerity Package in Austria?

Politics ♦ Published: September 6, 2013; 07:21 ♦ (Vindobona)

Due to the dismal situation of nationalized banks, the economist Christian Keuschnigg anticipates another austerity package after the election at the end of September.

Another Austerity Package in Austria? / Picture: © Institut für Höhere Studien - Institute for Advanced Studies

As reported by Vindobona, the crisis-struck Hypo Group will cost taxpayers up to € 11.7bn; about € 8.6bn in the coming years. The cash injections must not exceed € 5.4bn, however. Until now, costs for the taxpayers have totaled € 3.1bn. This year alone, the bank will require at least € 1.9bn, which could even amount to € 3bn.

Nevertheless, the government’s budget…