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Austerity
Austria: Leitl Welcomes Latvia to Join Eurozone
Head of the Austrian Chamber of Commerce Leitl considers the Euro adoption as an important political signal for the cooperation and the strengthening of the European currency union.
June 5, 2013
Hypo Group: Italian Affilate Not to be Closed
The nationalized Carinthian bank has no plans of shutting down its Italien affiliate.
June 4, 2013
Austria: Finance Ministry Regrets Ditz’ Withdrawal
Johannes Ditz, chairman of Hypo Group’s suvervisory board, announced his withdrawal yesterday.
June 4, 2013
Hypo: Ditz to Resign
Chairman of Hypo Group’s supervising board Johannes Ditz might soon resign, according to media reports.
June 3, 2013
Slovenia: NKBM Still In the Reds
Particularly high risk provision caused the bank a net loss of € 8.5m. Even for the whole of 2013, losses are expected.
May 31, 2013
Hypo: Contract Could Be Signed Today
Today the Austrian affiliate of Hypo Group could be transferred to the property of Indian Srei Group. The company is a fast-growing listed enterprise with around 30,000 clients.
May 31, 2013
Commission Welcomes Slovenia’s Commitment
The EU Commission approved of Slovenia’s adoption of a balanced budget rule on Friday last week.
May 27, 2013
Austria: Faymann Positive About Extension for Hypo Group
Chancellor Werner Faymann presented himself restrained yet confident about the extension granted by the Commission regarding the deadline for the winding-down of Hypo Alpe Adria Group.
May 24, 2013
FCC Wants Guggenheim Partners As Financial Ally
With debts having amounted to more than € 8bn, Spanish parent company of Alpine is now looking for potential financial partners.
May 24, 2013
Nowotny: Decision About Bad Bank for Hypo Not Essential Right Now
The Governor of Austrian’s National Bank confirms that the result for the ailing Hypo Group will not be “good” due to the losses that have amounted over the past years.
May 23, 2013
IMF Recommends Czech Government to Reduce Budget Cuts
With worse-than-expected current economic circumstances the IMF recommends the Czech Republic to moderate budget cuts.
May 22, 2013
Slovenia Taking Drastic Measures
NLB plans to cut workforce by 20 percent. The Slovenian government signed an agreement with unions to cut wage costs and is discussing to raise VAT. The country is hoping for € 1bn for the selling of state-owned enterprises.
May 22, 2013
Slovenia Hoping for Soon Recovery
Crisis-struck Slovenia intends to make more room financially by starting to privatize its state-owned banks. Experts regard the process to be carried out too slowly.
May 21, 2013
Hypo to Require € 1bn This Year
The ailing banking institute Hypo Group in the province of Carinthia will need € 1bn. On Friday, the managing board of Hypo Group will present a restructuring plan to the Finance Minister.
May 17, 2013
Austria: New Bidder for Hypo Group
Apart from Indian Srei Group, a new interested party has entered the match for the ailing banking institute.
May 16, 2013
Poland: Rescue Loan for LOT Approved
A new law passed on Friday makes it possible to privatize Polish carrier LOT.
May 16, 2013
Austrian Government Desperate to Sell Hypo Group
Without an agreement for a new plan and without more time for the selling of the Eastern affiliates, the crisis-struck banking institute Hypo Alpe Adria Group will not be able to make up the balances anymore, according to Austrian newspaper Presse.
May 16, 2013
Austria: OeNB Positive About Hypo’s Future
Issuing Bank Director Ittner is confident that it will not come to a liquidation of the ailing banking institute.
May 14, 2013
Slovenia Pressed to Take “Swift and Decisive” Actions
On Monday Eurozone Finance Ministers warned Slovenia to take “swift and decisive” action to address its economic imbalances.
May 14, 2013
Slovenia to Raise VAT and Sell 15 State Enterpises
Slovenia has announced to put 15 state companies up for sale and raise VAT in order to acquire revenues and avoid international bailout.
May 10, 2013
EU: Hungary and Slovenia Have to Act Quickly
The European Union issued warnings to Slovenia and Hungary to move quickly.
May 6, 2013
Success for Slovenian Bonds at US Market
Slovenia was able to gain some of the required funds for the restructuring of its banking sector through the US bond market.
May 3, 2013
Cyprus: Parliament to Vote on Bail-Out Package Today
Narrow majority of MPs expected to vote in favor.
April 30, 2013
Selling of Hypo Group Would Cost Austria Dearly
The selling of Hypo Group would cost the Austrian state around € 16bn.
April 29, 2013
„Slovenia Can Manage On Its Own“
In an interview with Austrian newspaper Kurier, President of the Slovenian Bankers Association France Arhar stresses that Slovenia is not the new Cyprus.
April 29, 2013
Poland: Trade Union Threatens With Protests
The conflict between the trade union Solidarnosc (solidarity) and the Polish Government aggravates.
April 26, 2013
Austria: Green’s Motion of Censure Denied
The Green Party’s motion of censure against Finance Minister Fekter was denied by almost all parties in the National Assembly.
April 25, 2013
Poland: Public Deficit Targed Missed
Rowstowski does not expect the excessive deficit procedure to be lifted.
April 24, 2013
Slovenia: Government to Vote On Regulations
Changes to the acts on Slovenian state-owned enterprises are supposed to help restructure and remove the lid from the amount of state aid money granted.
April 24, 2013
Austria: National Assembly to Vote on Bail-Out Package for Cyprus
In order for Cyprus‘ bail-out package to become effective, many national parliaments have to vote in favor of it. Austrian’s opposition is against it.
April 22, 2013
Rehn: Slovenia Has to Take Actions Immediatly
EU official presses Slovenia to restructure its banking industry to evade bailout.
April 19, 2013
Cyprus: Increase of Taxes Resolved
The Cyprian parliament has voted for an increase of taxes. Among other things, business taxes will increase from 10 % to 12.5 %.
April 19, 2013
Croatia Looking at EU Through Rose-Tinted Glasses
On July 1, Croatia will be joining the EU as 28th member state. Croatia is the first country after the economic crisis to become a member of the Union.
April 17, 2013
First EU Bail-Out Funds for Cyprus in Mid-May
The € 10bn worth bail-out package for Cyprus will become effective in the next few weeks, according to the Irish EU Presidency.
April 17, 2013
Forbes: “Austere Baltic States Outgrow Their European Neighbors”
Forbes magazine has dedicated a comprehensive article about how the Baltic countries manage to conquer the financial crisis.
April 17, 2013
Slovenia to Emerge From Quagmire By Itself?
A recent report by the OECD paints a dim picture of the country’s economic future.
April 17, 2013
Slovenia to Sell Two State Enterprises
On a press conference on Friday, Prime Minister Bratusek announced the selling of two state-owned companies, one of them being a bank.
April 13, 2013
EU Threatens Hungary With Process
The EU Commission has warned Hunary with a lawsuit in case the government in Budapest should not withdraw the controversial amendmends to the consititution.
April 12, 2013
Cyprus to Receive More Capital
Cyprus requires more money than expected and will receive it. Head of Eurogroup, Jeroen Dijsselbloem, has promised an examination if money laundering exists.
April 12, 2013
Cyprus: Bail-Out Package More Expensive Than Thought
The aid-money needed increases from € 17.5bn to € 23bn, according to Cyprian government.
April 11, 2013
Bad Outlook for Slovenia’s Economy
Slovenia receives bad marks in a report by the EU Commission. Together with Spain, Slovenia’s economy is endagered to collapse in case measures will not be made in the next few weeks.
April 11, 2013
Cyprus to Sell Gold Reserves
The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.
April 10, 2013
Russia to Contribute to Cyprus Aid-Package
President Vladimir Putin has announced that Russia will contribute to rescue-package for Cyprus.
April 8, 2013
Concern About Hypo Group in Friuli
MEP Serracchiani has requested to get involved in the current affairs.
April 8, 2013
Barroso: „Existantial Crisis is Over“
President of EU Commission Jose Manuel Barroso came to Vienna to meet with Austrian Chancellor Werner Faymann and Foreign Minister Michael Spindelegger.
April 6, 2013
Investigation Report Incriminates Managers of Bank of Cyprus
Mass purchase of Greek state bonds and removing of data.
April 5, 2013
Turkey’s Hopes of a Reunited Cyprus
The financial crisis in Cyprus is, according to Turkish President Abdullah Gül, an important opportunity to overcome the seperation of Cyprus.
April 4, 2013
Cyprus: Prone to Recession
Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.
April 3, 2013
Cyprus: Anastasiades Comes Under Suspicion
President Nikos Anastasiades is in dire straits as he is accused of having transferred huge amounts of money to foreign countries and having warned relatives. In the meantime, the austerity package is almost set.
April 2, 2013
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
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