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Budget Deficit: Austria Threatened with Penalty
Politics ♦
Published: April 25, 2014; 19:23 ♦ (Vindobona)

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Due to the capital injections into the distressed lender Hypo Group, Austria´s 2013 budget deficit will exceed the 3.0% threshold. According to Finance Minister Spindelegger, Austria might face an excessive deficit procedure.

In an interview with the Austrian daily “Standard”, Spindelegger explained that the Austrian public debt ratio will reach about 80% of GDP this year. In total, the public debt comes at € 230bn, which corresponds to 75% of GDP. The main reason behind the significant increase is the creation of a publicly held bad bank for the distressed lender Hypo Group Alpe Adria. The special…
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