Austrian Budget Gap „Only € 18.4bn“

Politics ♦ Published: November 14, 2013; 08:42 ♦ (Vindobona)

The Austrian government has re-calculated the fiscal shortfall. Scheduled Bank aids come at € 5.8bn. There will be no austerity package, the government claims.

Austrian Budget Gap „Only € 18.4bn“ / Picture: ©

Since mid-October, the two biggest Austrian parties SPÖ and ÖVP are trying to form a new cabinet. In the course of the government formation, the fiscal policy is the hottest topic. Last week, government representatives talked about a fiscal shortfall of “up to € 40bn” in the next five years. Economists already warned of drastic austerity measures. Tax cuts will not be possible,…