Austria: Painful Austerity Measures Ahead

People ♦ Published: March 10, 2014; 07:44 ♦ (Vindobona)

The Austrian public debt level grows massively. The disaster of the nationalized Balkan lender Hypo Group Alpe Adria is not the only reason for the unfavorable situation.

Nowotny: "No alternative to bad bank". / Picture: © Vindobona.org

This week, the Hypo Group task force has submitted the final report to the Austrian government. Ewald Nowotny, new chairman of the Hypo Group task force, wants to establish a downsizing unit for the ailing lender. In an interview with the Austrian broadcaster ORF, Nowotny stressed that the downsizing unit would be a substantial burden for the public finance. In total, the public debt…

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Austerity, Hypo Group Alpe Adria, Banking Industry, Nationalization, Lending, Bad Banks, Ewald Nowotny, Public Debt, Fiscal Policy, Budget Deficit
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