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Hypo Group: Government Explains Downsizing Solution

People ♦ Published: March 18, 2014; 10:44 ♦ (Vindobona)

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On Tuesday the Austrian government will explain the decided downsizing solution for the ailing bank Hypo Group Alpe Adria. Carinthia only wants to pay € 300m in downsizing costs.

If necessary special laws will be introduced to make the province of Carinthia pay its share. / Picture: © Wikipedia / JJ55 (30 March 2008)

This time it was not the opposition who called for a special meeting but the governing parties SPÖ (Social Democrats) and ÖVP (Austrian People’s Party). After the decision was made last week many question were raised, particulary with regard to the financing. Both Chancellor Werner Faymann (SPÖ) and Finance Minister Michael Spindelegger (ÖVP) will have to explain their decisions…