Austria: Hypo Group Council to Strain Budget Even More

People ♦ Published: February 25, 2014; 16:37 ♦ (Vindobona)

The Finance Ministry will appoint an international consulting team for the downsizing of nationalized problem bank Hypo Group Alpe Adria. However, costs are increasing dramatically by this step.

Austria: Hypo Group Council to Strain Budget Even More / Picture: © Wikipedia / JJ55 (30 March 2008)

In spite of the menacing additional burden running into billions, Finance Minister Michael Spindelegger will strain the budget even more by appointing an international expert group for the downsizing of the ailing bank. According to the government, the main subject for the council is the need and realization of the emergency nationalization of the ailing bank in 2009.

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