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Austrian Banking Package: Major Burden for Taxpayers

Published: July 19, 2013; 06:21 · (Vindobona)

In total, the banking package has caused costs of more than € 6.4bn. Austrian taxpayers must expect further costs.

Austrian Banking Package: Major Burden for Taxpayers / Picture: © Flickr

The banking expert and economist Franz Hahn (WIFO – Austrian Institute of Economic Research) thinks that the Austrian government has made many mistakes in the last years. According to him, the nationalization of Hypo Group and Kommunalkredit was inevitable. However, the bail-out of the top institute of the Austrian Volksbanken sector VBAG was not necessary, he says.

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