Austria and Greece - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism
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Greece in Austria | Greeks in Vienna | Bilateral Relations

Austrian Economy Grows Slowly

After a period of stagnation, the Austrian economy showed a small growth rate of 0.2% in the first quarter of 2012.

May 15, 2012

Keuschnigg Worries About Austria´s Competitiveness

The new director of IHS (Institute of Advanced Studies) Christian Keuschnigg suggests reforming the Austrian labor market. The welfare state would be too sophisticated.

May 15, 2012

Greek Exit: Costs of € 7.7bn for Austria

Austria could have to bear costs of up to € 7.7bn if Greece leaves the Eurozone. Austrian guarantees amount to € 3.1bn.

May 14, 2012

Keuschnigg: „Problem Countries Must Cut Wages“

The designated director of the Austrian IHS (Institute of Advanced Studies) thinks that a drastic wage cut in Greece, Portugal and Spain is inevitable.

May 12, 2012

Stable Development of Austrian Economy

The Austrian Institute of Economic Research (WIFO) forecasts a decent, but stable economic growth in 2012.

May 10, 2012

Greece: „The Markets were too Euphoric“

In an interview with the Austrian newspaper “Standard”, the Austrian analyst Friedrich Mostböck thinks that the European debt crisis will remain a major challenge.

May 7, 2012

Kommunalkredit: Search for Buyer Goes on

In 2008, the former interest of VBAG was nationalized. The market environment would be too insecure, CEO Steinbichler says.

May 5, 2012

ESM: The Final Ruin of Europe

Solidarity with financially stricken EU countries cannot justify the irrevocable loss of national sovereignty. The transfer union will only work until the financial collapse of Germany and Austria.

May 2, 2012

Kommunalkredit: Losses Reach € 150m

The nationalized Austrian lender had to write down Greek sovereign bonds. Write-offs totaled € 176m.

April 30, 2012

Business Insolvencies Expected to Increase

After two years of decreasing business insolvencies, the Austrian economy faces a rising number of business insolvencies again.

April 26, 2012

Agrana Aims for Expansion into Balkan Region

The Austrian sugar and starch company Agrana is looking for acquisition targets in the Western Balkans.

April 23, 2012

Felderer: „Women Must Have More Children”

The director of the Austrian Institute of Advanced Studies (IHS) sees a demographic problem in Austria as well as in Europe. Migration cannot solve the problem, Felderer says.

April 19, 2012

Casinos Austria International Records Massive Losses

Casinos Austria Group posts minimal profits. Losses of the subsidiary Casinos Austria International could be offset by the Austrian division.

April 14, 2012

Bank Austria Considers Leaving East European Markets

UniCredit´s subsidiary may leave Baltic countries as well as Kazakhstan. CEO Cernko is optimistic to achieve more than € 1.0bn in profits this year.

March 30, 2012

Economic Upswing for Austria?

The economic research institutes IHS and WIFO anticipate that the Austrian economy accelerates by summer 2012. Both warn of “too much euphoria”, however.

March 29, 2012

Bank Austria: Higher Profits than Expected

Bank Austria posts net profit of € 209m despite burdens of € 1.2bn resulting from Greece, goodwill impairment and bank levies.

March 28, 2012

Keuschnigg: „Greece Must Leave Eurozone“

The Austrian Economist and designated director of HIS, Christian Keuschnigg advised Greece to leave the euro zone.

March 26, 2012

Nowotny: “Portugal in Much Better Shape Than Greece”

The Governor of the Austrian Central Bank (OeNB) and ECB Council Member Ewald Nowotny is optimistic on Portugal´s medium-term prospects. The country faces much less liquidity constraints than Greece.

March 21, 2012

Modest Economic Spring With Upward Potential

Bank Austria Business Indicator for February confirms that the economic turnaround has already begun. The outlook is positive.

March 19, 2012

Bawag to Refund Bank Aid in 2014 by Earliest

The U.S. owned bank was the only one in Austria which could increase its profits last year. The restructuring is successfully completed.

March 17, 2012

KA Finanz Needs € 1.0bn

Due to write-offs of Greek sovereign bonds, the “bad bank” of the nationalized Kommunalkredit has a capital shortfall of € 1.0bn.

March 9, 2012

Public Debt Agency: “Unnecessary to Change Bonds Issuance Plans”

Austria sees no need to change its debt issuance program and is sticking to its plan to stay below the European Union’s deficit ceiling this year even as it injects cash into Oesterreichische Volksbanken AG (VBPS) and KA Finanz.

March 6, 2012

Banking Industry As „Cash Cow“?

For RZB´s CEO Rothensteiner, the increase in bank tax is “not fair”. The government plans to raise bank taxes by 25%.

February 29, 2012

Economic Growth Forecast: 0.7% in 2012

The EU-Commission sees an economic growth of 0.7% for Austria in 2012. Austria is in the middle-field among the EU member states.

February 23, 2012

KA Finanz Tries to Sit Out Greek Crisis

The nationalized Austrian bank has an exposure of € 980m in Greece. CEO Steinbichler hopes not to participate in the haircut.

February 21, 2012

Fekter: „Austerity Package is Structural Reform Package“

In spite of criticism by economists, for the Austrian Minister of Finance, the austerity package is a “big success”.

February 20, 2012

Cernko: „Triple A Only in the Medium Term“

Bank Austria´s CEO Willibald Cernko does not think that Austria re-gains its “AAA” status within the next three years.

February 16, 2012

Bank Austria Writes Off Greek Bonds

The Austrian subsidiary of the Italian UniCredit Group has to write off Greek sovereign bonds by € 100m.

February 13, 2012

Kommunalkredit: More Costly than Hypo Group

The Austrian state had to made expenses of € 4.65bn for the nationalized Kommunalkredit. In total, the bank package´s volume reaches € 11bn.

February 9, 2012

Still Capital Requirement at Kommunalkredit

The „bad bank“ of the nationalized Austrian bank, KA Finanz, receives € 190m by the Austrian state. Moreover, another € 600m are needed in the first half of 2012.

February 7, 2012

Privatization of Kommunalkredit Starts

The sale of the nationalized bank will start in the second half of 2012. For 2011, losses could reach up to € 150m.

February 4, 2012

Uniqa Records Losses of € 330m

The Austrian insurance company´s results are massively burdened by Greek bonds. Core business is still 'robust', says Uniqa´s management.

February 3, 2012

No Further Rise in Insolvencies Expected

The bad debt insurers Euler Hermes and Prisma expect business insolvencies to stagnate in 2012.

February 2, 2012

Strache Claims Cut in Subsidies

The chairman of the Austrian opposition party FPÖ criticized the government fiercely for its fiscal policy.

January 23, 2012

Austria Considers to Employ South Europeans

Especially the tourism and the construction industries are ready to take on high-skilled workers from Spain, Greece or Portugal.

December 8, 2011

Uniqa Expects Loss of € 300m

The Austrian insurance group is writing down all of its Greek government bonds at fair value in the third quarter and will therefore not break even in profit on ordinary activities as originally anticipated.

November 3, 2011

Losses for Kommunalkredit Probable

The nationalized Austrian Bank has to build major provisions. Write-offs up to € 500m are possible.

November 1, 2011

Greek Haircut Would Cost Another € 350m

Austrian banks still have a substantial exposure in Greece. A haircut up to 60% seems possible. Then, another € 350m would have to be written off.

October 18, 2011

FPÖ Claims New Currency Area

The chairman of the Austrian Freedom Party, Heinz-Christian Strache, calls for the creation of a “core Europe” with a new currency.

September 19, 2011

Greek Bonds Burden Kommunalkredit’s Results

The state-owned Austrian bank reported a significant decline in profits due to a write-off of Greek government bonds.

August 8, 2011

Austrian Companies Looking for Acquisition Targets in Greece

Greece’s debt crisis offers opportunities for Austrian companies. They are especially interested in acquisitions of Greek subsidiaries in the Balkans.

July 25, 2011

Austria’s Exposure in Italy: € 16.5bn

Domestic banks’ exposure in the neighboring country is much greater than in Greece, but smaller than in Eastern Europe.

July 11, 2011

Austrians Support Aid for Greece

The majority of the Austrian population does not want to let Greece down. 55% see the common currency at risk.

June 22, 2011

Bronze Medal for Austria’s Economy

According to a study by Allianz, Germany is the euro zone country with the healthiest economy. Luxembourg comes on the second rank followed by Austria.

June 21, 2011

Austrian Companies Interested in Greek Lottery

As Greece is forced to put its assets on sale, Austrian gaming companies see chances for an acquisition of the country’s national lotteries.

June 17, 2011

Stable PIGS-Exposure of Austrian Banks

The last quarter of 2010 has brought only minor changes in the total amount of lending to the four countries in southern Europe by Austrian banks.

June 6, 2011

Agrana Interested in Hellenic Sugar

The Austrian sugar and starch company is said to be interested in an acquisition of the Greek company which incurred a loss of € 27.1m in the last year.

May 31, 2011

"Austria Does Not Deserve an AAA Rating"

The chief economist of the American Citigroup, Willem Buiter, also denies Austria, alongside the U.S. and the UK, the right to the AAA rating.

January 29, 2011

Bank Assistance is Lucrative for the State

Contrary to fears, revenues of the bank rescue package more than double the refinancing costs.

January 26, 2011

New Perspectives for Nabucco

The European Commission wants to commit Azerbaijan to supply gas to Europe. This is expected to be done via the Nabucco pipeline.

January 14, 2011