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Austria: Opening Balance Reveals Massive Mountain of Debt
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Published: December 16, 2013; 14:03 ♦ (Vindobona)

Public debts exceed the federal assets by more than double the amount, as revealed by the opening balance published by outgoing Finance Minister Maria Fekter last weekend.

According to the opening balance sheet, which is part of the new federal budget law, assets come at € 89.5bn while public debts have amounted to € 223.4bn. Hence, federal assets are exeeded by debts by more than double the amount. Most of the assets consist of so-called “tangible assets” such as properties, buildings and cultural possessions (€ 25.2bn) as well as of shares in…
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