Government to Sharpen Austerity Measures

People ♦ Published: January 17, 2012; 10:23 ♦ (Vindobona)

After the downgrade of Austrian sovereign bonds from „AAA“ to „AA+“ by S&P, the Austrian government aims to reach its austerity targets earlier.

Government to Sharpen Austerity Measures / Picture: ©

Finance Minister Maria Fekter announced that the deficit for 2011 will be lower than initially expected. Instead of 3.6%, the budget deficit amounts to 3.2% to 3.4% of the Austrian GDP. Nevertheless, public expenditures still exceed public revenues by about € 10.0bn. Feker stated that Austria has to aim a zero deficit in order to reduce public debts.

„Our debts make us more…