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Further Increase in Austrian National Debt

Published: July 16, 2012; 17:44 · (Vindobona)

Due to the European debt crisis, Austria´s public debt level will increase from 72.2% to 74.7% of the country´s GDP.

Further Increase in Austrian National Debt / Picture: © Vindobona.org

Next year, Austria has to provide funds of € 5.4bn to the EFSF and ESM. According to EU-law, these funds will not affect Austria´s budget deficit. However, the public debt level will rise further. Two weeks ago, the governing parties SPÖ and ÖVP ratified the ESM together with the opposition party „The Greens“. Austria´s guarantees will amount to € 19.5bn. In total, ESM´s…

This article includes a total of 228 words.

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