Hypo Group: Huge Burden for Austrian Budget

People ♦ Published: April 29, 2014; 10:40 ♦ (Vindobona)

The downsizing of problem bank Hypo Group Alpe Adria is a huge burden for this year’s budget.

The budget deficit is expected to decline continuously in the coming years. / Picture: © Vindobona.org

According to data by Finance Minister Michael Spindelegger, who will hold his first budget speech at the National Assembley today, the deficit amounts to 2.7 percent of GDP after it came at 1.5 percent previously. However, after the considerable increase state debts are supposed to drop again next year.

Without the crisis bank the budget deficit would only amount to 1.4 percent.…