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Austria: Hypo Group Becomes Fiasco for Taxpayers

Published: February 11, 2014; 09:29 · (Vindobona)

The most expensive solution for the winding up of troubled Hypo Group becomes imminent.

Austria: Hypo Group Becomes Fiasco for Taxpayers / Picture: © Wikipedia / JJ55 (30 March 2008)

Yesterday, after months of the government’s reassurance to search for the least straining solution for the Austrian budget it became evident that the total costs for the Hypo Group desaster will have to be paid by the taxpayers. The major Austrian banks have refused to take part in a joint financing of a bad bank for the nationalized problem bank.

After a summit with bankers…

This article includes a total of 295 words.

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