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Austrian Banking Package: Costs May Reach € 30bn
Politics ♦
Published: October 1, 2013; 06:45 ♦ (Vindobona)
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In total, the burden for Austrian taxpayers is expected to reach up to 10% of GDP.
Austrian Banking Package: Costs May Reach € 30bn / Picture: © Vindobona.org
The rescue of the Austrian problem banks will prove expensive for Austrian taxpayers. Until now, the projected total costs came at € 20bn. The economist Franz Hahn (WIFO, Austrian Institute of Economic Research) expects that the initial assumptions are too optimistic. “The history of big bank crisis show that 10% of a country´s GDP are not unrealistic.”
The main problems…
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