Commerzbank: Austria to Miss Budget Goals

People ♦ Published: August 12, 2013; 11:23 ♦ (Vindobona)

Without a new austerity package, Austria will run up more debts than calculated in the bugdet plan, German Commerzbank says. The country’s AAA ratings are likely to decrease.

Commerzbank: Austria to Miss Budget Goals / Picture: ©

It is an ambitious goal but Austrian Finance Minister Maria Fekter is convinced that Austria will manage to reach zero deficit in 2016 and that public debt will decrease. Experts at German Commerzbank do not share the Finance Minister’s optimism.

According to a recent study, Austria will run up significantly more debts than scheduled in the budget plan until the year 2017.…