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S&P: Hypo Group Bankruptcy Would Trigger Downgrade in Austrian Banking Sector
In case of a bankruptcy of the nationalized bank Hypo Group Alpe Adria, the three largest Austrian banks Erste Group, Bank Austria and Raiffeisen Zentralbank might be downgraded by one or two notches.

The U.S. rating agency S&P warned of Hypo Group´s bankruptcy. According to S&P, the Austrian government should find an orderly solution. In total, follow-up costs for the Austrian banking sector might range between € 6bn and € 8bn. In the end, Austrian borrowers would have to accept higher borrowing costs, governor of the Austrian National Bank Ewald Nowotny said a few…
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