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Austria: Opening Balance Reveals Massive Mountain of Debt
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Published: December 16, 2013; 14:03 ♦ (Vindobona)
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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.
Austria: Opening Balance Reveals Massive Mountain of Debt / Picture: © ÖVP Bundespartei / Jacob Glaser
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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