FMA: „Austria is Open to Blackmail by Banks”

People ♦ Published: October 23, 2012; 18:44 ♦ (Vindobona)

Kurt Pribil, director of the Austrian Financial Market Authority, thinks that the nationalization of banks has shown that the Austrian state is still under pressure.

FMA: „Austria is Open to Blackmail by Banks” / Picture: ©

“Austria is still open to blackmail by banks.” Pribil says. The nationalization of Hypo Group, VBAG and Kommunalkredit had to be nationalized. “Otherwise the costs would have been fivefold or sixfold.” Pribil explains. This situation would lead to a kind of blackmail, he says.

Until now, the banking package proved very costly for the state budget. In the end, the Austrian…