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Croatia in Austria | Croatians in Vienna | Bilateral Relations
Croatia: EU Introduces Excessive Deficit Procedure
In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.
December 11, 2013
EU/CESEE: Real Income Shrinks
In 2013, the real income will do down in Austria. Since 2010, the Austrian real income was down by 1.3%. In Hungary, real income fell by 15% in that period.
December 9, 2013
Austrian Banking Sector: € 35bn NPL
Due to the gloomy economic situation in CESEE and the stagnating domestic economy, Austrian banks suffer from growing non-performing loans.
December 9, 2013
Sale of Hypo Group: Small Number of Potential Buyers
In 2014, Hypo Group´s assets will be sold. It is not certain whether there will be a bad bank or not. Even a bankruptcy is not completely excluded.
December 7, 2013
Croatia Ready for Allocation of EU Funds
Croatia has been given access to 1.12 billion euros in all EU programmes.
December 6, 2013
Croatia: New Difficulties for Borrowers Ahead
The Croat banking sector pegs the interest rates to the EURIBOR. Consumers may have to pay higher borrowing costs.
December 6, 2013
Sevelda: „We Are Close to the Breaking Point“
In a guest comment published by the Austrian business magazine Format, CEO of Raiffeisen Bank International Karl Sevelda refers to the high burden for Austrian banks.
November 29, 2013
„We Can Exclude a Bankruptcy of Hypo Group”
Ewald Nowotny, governor of the Austrian National Bank (OeNB) and Klaus Liebscher, head of Hypo Group´s supervisory board argue that the nationalized bank will be downsized according to plan.
November 29, 2013
CESEE: Slight Growth Acceleration, but Uncertainties Persist
The Vienna Institute for International Economic Studies (wiiw) has published the economic forecast for the CESEE region today. The economic performance varies substantially from country to country.
November 28, 2013
Croatia: Milanovic Promises Economic Recovery
Prime Minister vows that Croatia's economy will be put on a sounder footing.
November 28, 2013
Croatia: HNB Pushes Credits
According to reports by Reuters, the Croatian National Bank (HNB) intends to issue HRK 4bn (US-$ 707m) to support credits. Further details will be published by the Central Bank later this week.
November 27, 2013
CESEE: Austrian Banks Face New Challenges
For Austrian banks, the assessment by the ECB may bring new difficulties. Non-performing loans in CESEE are said to be higher than officially known.
November 26, 2013
Dispute about NLB Reignites between Slovenia and Croatia
Damaged savers of NLB filed lawsuit against the bank at the European Court for Human Rights.
November 26, 2013
Wide Parts of CESEE Region Below Pre-Crisis Level
In terms of economic output, a large number of CESEE countries have not reached the level of 2008 yet. The growth outlook remains cautious.
November 25, 2013
Croatia: Amendmends to Cosumer Credit Law
Interest rates on housing loans pegged to Swiss Franc dropped by 30 percent.
November 22, 2013
Nowotny: Must Avoid Bubble in CESEE
In order to avoid another asset bubble like in 2008, loan growth has to be monitored, governor of Austrian National Bank Ewald Nowotny says.
November 19, 2013
Linic: No Aid from IMF Needed
According to Croatia´s Minister of Finance Slavko Linic, the country will manage the financial crisis on its own.
November 15, 2013
IMF Puts Pressure on Croatia
Although Croatia´s economic situation will improve slightly next year, the country is seen as next bail-out candidate. The International Monetary Fund wants Croatia to accelerate economic reforms.
November 12, 2013
Half of Austrians Consider the Country Stuck in Recession
According to an online survey, the Austrians are confident and not concerned by the most recent recession in the Eurozone. With a total of 87 index points consumer’s confidence remained stable in the third quarter of 2013.
November 12, 2013
Triglav: No Expansion in Croatia
The biggest Slovenian insurance company planned to increase its stake in Croatia Osiguranje. Croatia´s government rejected Triglav´s offer.
November 11, 2013
CESEE: Growth Remains Below Potential
Today, the EBRD (European Bank for Reconstruction and Development) has published its economic outlook for the CESEE region. The reform pressure is growing, Anthony Willams at EBRD wrote.
November 11, 2013
Croatia: IMF as Last Exit
It is likely that the ailing country is seeking assistance from the IMF. Borrowing in 2014 is risky, Finance Minister Slavko Linic said.
November 11, 2013
UniCredit: Net Income Driven By CESEE
Italian UniCredit Group´s quarterly net income was down by 40%. Losses in Italy could be more than offset by the results in Poland and Bank Austria´s contributions.
November 11, 2013
Hypo Group: Urgent Need for Fresh Money
The ailing nationalized bank Austrian Hypo Group Alpe Adria has a capital shortfall of € 1.3bn. The gap must be closed before the end of the year.
November 11, 2013
Croatia´s Banking Sector Remains Competitive
The Croat legal system is perceived as major weakness. Credit demand is going down for years.
November 9, 2013
Croatia Under Brussel´s Observation
The new EU member country fights against a number of economic problems. Now, the EU-Commission considers starting an excessive deficit procedure.
November 7, 2013
Banking Sector Reduces Lending
Instead of offering loans to the corporate sector, banks tend to invest in sovereign bonds. The CESEE region is particularly affected by this.
November 6, 2013
Banking Sector: Difficulties in Croatia Ahead
In order to protect indebted home-owners, the Croat parliament will resolve a new bank act. Like in Hungary, foreign-exchange-based mortgage should be converted at the expense of banks.
November 6, 2013
CESEE Region: Booming Exports Prevent Recession
The underlying reason for the improving economic sentiment in the CESEE region is the expanding industrial sector. However, the region remains vulnerable to foreign trade and foreign investments.
November 5, 2013
Croatia: Excessive Deficit Procedure Ahead
Neither in 2013 nor in 2014, Croatia will achieve a budget deficit below 3.0% of GDP.
November 4, 2013
Slovak Banking Industry Records Growing Net Income
In the first nine months of 2013, Slovakia´s banking sector recorded a total net profit of € 449m.
November 1, 2013
Visegrad Countries Encourage Western Balkans to Join EU
Representatives from Poland, the Czech Republic, Slovakia and Hungary support the EU accession of Western Balkan countries.
October 31, 2013
Lopatka: EU Enlargement Process of Western Balkans Decisive for Austria
“Non-Enlargement” of Western Balkan states would be fatal for Austrian businesses operating in the region and the national economy.
October 31, 2013
World Bank: Croatia Showing Progress
Despite notable progress the country slipped back to beigt 89th out of 185 countries in the ranking “Doing Business” by the World Bank.
October 31, 2013
Slovenia on Top of Prosperous Countries in Emerging Europe
Slovenia is leading the list of prosperous countries in Emerging Europe. Bulgaria is on the last position.
October 30, 2013
CESEE: „The Growth Model Was not Sustainable“
Franz Seiringer, economist at EBRD, underlines that the CESEE countries are on the right track. The region is working on a new growth model, he told “Wirtschaftsblatt”.
October 29, 2013
Hypo Group to Create Bad Bank
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.
October 26, 2013
Southeastern Europe Initiates Common Economic Strategy
In Croatia´s capital Zagreb, the Southeast European countries agreed on putting more common effort into innovation based growth strategies.
October 26, 2013
Hypo Group: Worst Expectations May be Exceeded
For the Austrian state, the ailing nationalized banking group may become a financial GSA. The legal dispute with the former owner BayernLB bears enormous dangers for Austria´s public finance.
October 25, 2013
Telekom Austria: Massive Capital Increase Ahead
In order to implement its expansion strategy, the Austrian telecommunication group will carry out a capital increase next year. In total, the capital requirement comes at € 1.0bn.
October 25, 2013
Public Debt: CESEE Countries Below EU Average
At the end of the first half of 2013, the EU public debt quota reached 86.8% of GDP. Western Europe´s public debt level is significantly higher than in Eastern Europe.
October 23, 2013
Croatia: 2012 Budget Deficit Revised
Because of the different EU methodology, Croatia had to revise its budget gap. The fiscal situation remains critical.
October 23, 2013
House Searches at Strabag Subsidiary in Croatia
The corruption scandal at the Croatian Chamber of Economy affects public road authority HAC and construction companies that were commissioned, among them Austrian Strabag and Alpine.
October 22, 2013
Uniqa to Aquire Western Balkan Insurance Companies
Listed insurance company Uniqa will take over Croatian and Serbian affiliates of Swiss insurance group Baloise (Basler) to strengthen its market position in the Western Balkan states.
October 22, 2013
Croatia: EU-Membership Did Not Help Yet
In the first months of its EU membership, the situation in Croatia´s industrial sector deteriorated further.
October 19, 2013
“Problems in the CESEE Region Are Mainly Fundamental”
In an interview with Gazeta Wyborcza, Reza Moghadam, director of the IMF´s European Department, says that the weakness of the CESEE region is not only cyclical.
October 18, 2013
IMF Warns of Financial Instability in CESEE
Due to the high non-performing loan quota and the deleveraging of Western banks, the countries of Central, Eastern and Southeastern Europe are still far from financial stability.
October 18, 2013
Solution to Croatian/Hungarian Mol Issue Expected Soon
The Croatian justice has issued an international arrest warrant for the head of Hungarian oil company Mol.
October 15, 2013
Austria: Purchasing Power Grows Slightly
According to a study published by RegioData Research, Austria could improve its level of purchasing power in the years from 2008 to 2012.
October 15, 2013
Croatia: Hypo Group Losing Last Industrial Participation
Croatian chemical company Dioki is facing bankruptcy which is why Hypo Group is losing one of the last industrial participations in the country.
October 14, 2013
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