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Austria: Government Rules Out Hypo Group’s Insolvency

People ♦ Published: December 3, 2013; 11:43 ♦ (Vindobona)

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Chancellor Faymann referred to incalculable economic and political consequential effects due to the liabilities assumed by Hypo Group Alpe Adria.

Austria: Government Rules Out Hypo Group’s Insolvency / Picture: © Hypo Alpe-Adria-Bank International AG

On Tuesday both Chancellor Werner Faymann and his deputy Michael Spindelegger ruled out an insolvency of ailing bank Hypo Group Alpe Adria. Chancellor Faymann referred to incalculable economic and political consequential effects. After the Council of Ministers, Spindelegger emphasized that the appointed experts had recommended another solution.

According to Faymann, the key…