Austria: Opposition Criticizes Nationalization

People ♦ Published: March 20, 2014; 15:11 ♦ (Vindobona)

On Thursday Finance Minister Michael Spindelegger expects a binding statement by ailing bank Hypo Group Alpe Adria about how much state aid will be required. The opposition heavily criticizes the nationalization by the Austrian state in 2009.

From a legal point of view, the country would not have been responsible for Hypo, according to the opposition. / Picture: © Wikipedia / JJ55 (30 March 2008)

On Thursday, ahead of the committee of the audit court, Spindelegger announced wanting to be prepared for all risks. “Of course I expect figures but I do not have them yet,” Spindelegger said and expects the bank’s management to finally present “valid figures”. The Finance Minister did not talk about the consequences in case the management board misses the deadline but only…