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Austerity

Spindelegger: “Arsonists Are to Blame Not Fire Brigade”

The downsizing of ailing bank Hypo Group Alpe Adria is a heavy burden for this year’s budget. According to Finance Minister Spindelegger, the deficit comes at 2.7 percent of GDP while public debts will soar.

April 29, 2014

Slovakia as a Role Model?

In an interview with Austrian daily “Wirtschaftsblatt”, Tomas Malatinsky, Economy Minister of Slovakia, talked about budget discipline, investments and tax policy.

April 16, 2014

“Bank Rescue is a Crime”

Martin Ehrenhauser, leading candidate of the Austrian electorial alliance “Europa Anders”, which is running for the EU elections, has voiced harsh criticism about the saving of financial institutes.

April 14, 2014

Hypo Group: „We Are not the Only One Who Must Pay“

Austrian Minister of Finance Michael Spindelegger underlines that the Austrian taxpayers are not the only ones who must bear the losses of the nationalized lender Hypo Group Alpe Adria.

April 5, 2014

Austria: Unemployment Rate to Remain at Record High

The Austrian unemployment rate is expected to remain at a record high even in 2015.

March 25, 2014

Hypo Group: New Supervisory Board President

Herbert Walter becomes head of the nationalized Austrian Balkan lender Hypo Group Alpe Adria. According to Austrian Finance Minister Michael Spindelegger, Hypo Group needs even more capital injections.

March 24, 2014

Austria: Hypo Group Disaster with Exorbitant Costs

The extent of the disaster of Austrian problem bank Hypo Group Alpe Adria only starts to unfold bit by bit. A further capital injection of € 750m is needed only for the ailing bank to complete its balance sheets.

March 11, 2014

Hypo Group: Further State Aid Necessary This Year

Finance Minister Spindelegger fears that nationalized problem bank Hypo Group Alpe Adria will require further state aids for its downsizing still within this year.

March 10, 2014

Austria: Painful Austerity Measures Ahead

The Austrian public debt level grows massively. The disaster of the nationalized Balkan lender Hypo Group Alpe Adria is not the only reason for the unfavorable situation.

March 10, 2014

Czech Economy to Grow Not Sooner than 2016

The Czech economy will struggle to show economic growth both this and next year, according to the Czech Federation of Trade Unions CMKOS.

January 21, 2014

Massive Change in Banking Landscape

The business model of banks comes more and more under pressure. In the next years, about the half of the bank shops will be closed, banking expert Hans-Gert Penzel predicts.

January 2, 2014

Czech Republic: Babis Claims Finance Ministry

Andrej Babis, head of the second-largest Czech party, wants to become Minister of Finance. The Czechs face a new austerity package.

December 28, 2013

Austria: Kapsch Delivers Warning to Policy-Makers

Georg Kapsch, President of the Federation of Austrian Industries (IV), is very cautious about economic growth in Austria and warns the policy-makers of a budget consolidation on the basis of expectations of growth.

December 27, 2013

Slovenia: EU Commission Approves Bank Aid

On Wednesday the European Commission has approved state aid for five Slovenian banks.

December 19, 2013

BayernLB to Keep Hungarian MKB Unit

BayernLB’s plans to seperate from loss-making Hungarian affiliate MKB were not put on hold. Instead, the German bank wants to continue to push forward with austerity measures and cut jobs.

December 14, 2013

Austria: Spindelegger Replaces Fekter

The designated cabinet members were presented to the public today. Maria Fekter will not be a cabinet member anymore.

December 13, 2013

Austria´s Government: Old Turns into New

The leaders of the old government, Chancellor Werner Faymann and Deputy Chancellor Michael Spindelegger, announced to form a new government.

December 12, 2013

Slovakia Reverts Fiscal Strategy

The Slovak parliament has approved the government-authored corporate tax rate cut from 23% to 22%. Further cuts are expected to come.

December 10, 2013

Czech Republic Remains in Recession

The Czech economy continues to shrink. Above all, private consumption and investments are weak.

December 5, 2013

Bratusek: Slovenia Will Manage Bank Rescue

According to Prime Minister Bratusek, Slovenia will manage the bank rescue on its own.

December 3, 2013

Austria: President Presses for Progress in Coalition Negotiations

It has been two months after since the coalition negotiations started after the elections for the National Assembley. However, there has been not visible progress.

December 2, 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

Austria: Tax Losses Amount to € 2bn in 2014

The Austrian People’s Party estimates tax losses in the amount of € 2bn for the coming fiscal year as announced by State Secretary for Foreign Affairs Reinhold Lopatka in an interview with radio station Ö1.

November 29, 2013

Bank Austria: Drastic Job Cut

The austerity measures at Bank Austria take form. CEO Willibald Cernko refers to the bank taxes.

November 28, 2013

Serbia: Further Austerity Measures Probable

In October, Serbia´s government has resolved a drastic austerity package.

November 27, 2013

RBI Faces Austerity Measures.

Raiffeisen Bank International (RBI) does not take into consideration capital increase.

November 27, 2013

New Austerity Measures for Bank Austria

UniCredit´s Austrian subsidiary and biggest Austrian bank faces job cuts and structural measures again.

November 26, 2013

Faymann Calls for Sense of Proportion

Chancellor Faymann does not consider a drastic austerity package necessary.

November 25, 2013

Austria: Decent Economic Outlook

Despite an economic acceleration, the macro-economic frame conditions remain difficult in 2014. A major risk factor is the fiscal situation.

November 24, 2013

Romania Faces Upgrade

Next year, Romanian sovereign bonds may be upgraded by Standard & Poor´s.

November 23, 2013

Szczurek Stresses Importance of Balanced Fiscal Policy

Poland´s new Minister of Finance Mateusz Szczurek underlines the importance of a fiscal stability.

November 21, 2013

RBI Considers Leaving Ukraine

The second-biggest lender in the CESEE region, Austrian Raiffeisen Bank International, confirms the intention to sell the Ukrainian affiliate Aval.

November 17, 2013

Romania: Growth Leader in the EU

In the first three quarters, Romania´s economic growth rate reached 2.7%

November 16, 2013

Austrian Budget Gap „Only € 18.4bn“

The Austrian government has re-calculated the fiscal shortfall. Scheduled Bank aids come at € 5.8bn. There will be no austerity package, the government claims.

November 14, 2013

Austria: Budget Gap Smaller than Expected

The budget gap will, according to the latest reports, comes at an amount between € 21bn and 25bn until the year 2018. Earlier there had been talk of a shortfall amounting up to € 30bn to € 40bn.

November 13, 2013

Crucial Days for Slovenia´s Government

Slovenia´s government has presented the 2014 budget to the Parliament. Prime Minister Alenka Bratusek has linked the approval to a vote of confidence. However, the budget approval is not the biggest risk factor for the ailing country.

November 13, 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

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

Austria: New Austerity Package to Come?

Austrian economists expect that the new government will draft another austerity package. Otherwise the fiscal objectives will not be achieved.

November 6, 2013

Bawag Faces Radical Job Cuts

The Austrian bank implements fierce austerity measures. About a fifth of the jobs may be cut.

November 5, 2013

“Property Tax Cannot Finance Wage Tax Cut”

Bernhard Felderer, head of the Austrian public debt committee, stresses that the Austrian government must reduce the public debt level as soon as possible.

October 31, 2013

Higher Cost Pressure for Austrian Banking Industry

Due to national and international regulations, Austrian banks have to bear higher costs than their foreign competitors.

October 31, 2013

IMF on Slovenia: “Cleaning Up Banks is the Priority”

The IMF urges Slovenia to restructure its ailing banking sector. Slovenia faces expensive bank aid-programs.

October 29, 2013

Slovenia: Bailout Comes Closer

The ailing country is not expected to manage the financial crisis on its own. Calling for support from Brussels seems to be the last remaining alternative.

October 28, 2013

Czech Republic Faces Political Stalemate

The Czech elections did not bring clear power relationships. The social democrats have to form a government, though.

October 28, 2013

S&P Warns of Further Downgrade

The rating agency has kept the “AA+” rating. However, Austria has to put more effort into austerity measures, the rating agency stresses.

October 26, 2013

Czech Elections 2013: Tension Is Running High

Today, the Czech Republic holds new parliamentary elections. The Czech political landscape is expected to change fundamentally.

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

Czech Economic Outlook Improves Slightly

Next year, the Czech economy will expand for the first time since 2011, economists say.

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
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