Austria to Violate Maastricht Criteria in 2012

Politics ♦ Published: October 15, 2012; 18:54 ♦ (Vindobona)

This year, the Austria budget deficit will not be below the 3.0% threshold. This is mainly due to the banking package.

Austria to Violate Maastricht Criteria in 2012 / Picture: © Vindobona.org

Initially, Austria´s government intended to reach a 2.9% deficit in 2012. “The budget calls for new government borrowing of 3.0% of GDP, and that is very realistic at present”, the Finance Minister stated at the end of August. In September, the Austrian Ministry of Finance reported to Brussels that the budget deficit will exceed the 3.0% threshold. In total, Austria´s public debt…

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