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Again Criticism on Austerity Package: „Lack in Sustainability“

People ♦ Published: March 5, 2012; 15:50 ♦ (Vindobona)

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The President of the Viennese Federation of Austrian Industries (IV), Georg Kapsch, misses details of the austerity package. The package is not ambitious enough, Kapsch considers.

Again Criticism on Austerity Package: „Lack in Sustainability“ / Picture: © IV / Markus Prantl

The new austerity package was presented four weeks ago. The volume of € 26.5bn “may sound much, but it lasts for five years”. As a result, not even interest on public debt is fully covered by austerity measures, Kapsch criticizes. For Kapsch, the package „shows a certain degree of ambition“, but it “does not offer structural reforms”. Also existing saving potential is not…