Hypo Group to Create Bad Bank

Politics ♦ Published: October 26, 2013; 19:35 ♦ (Vindobona)

After months of considerations, the Austrian government will decide for the bad bank. The nationalized banking group will be a major burden for the state.

Hypo Group to Create Bad Bank / Picture: © Wikipedia / JJ55 (30 March 2008)

Maria Fekter, who is still in charge of Minister of Finance, was against the bad bank for a long time. Fekter underlined that a bad bank would cause a sudden increase in public debt. Due to the new EU calculation standards, the bad bank would lead to an increase in the budget deficit too. The budget shortfall would increase by more than four percentage points.

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