Austerity Package: Sorger Misses Reforms

People ♦ Published: March 3, 2012; 14:09 ♦ (Vindobona)

The President of the Federation of Austrian Industries (IV), Veit Sorger, sees a massive lack in structural reforms. The austerity package is a “missed opportunity”.

Austerity Package: Sorger Misses Reforms / Picture: © Flickr / Michael Thurm

In an interview with the Austrian newspaper “Die Presse”, Sorger sees signs of a slight recovery. However, the situation is very volatile, Sorger says. As many industrial companies switched from bank loans to commercial bonds, there is no credit crunch, Sorger states.

Sorger underlines that as former member of Fimbag´s supervisory board (Fimag manages state-owned banks) he…