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Austerity

Cyprus: Mandatory Levy on Assets Not Yet Fixed

Banks in Cyprus will open again tomorrow, yet the capital flow is still limited. Dijsselbloem is criticized by the ECB. Bank employees demand Demetriades’ stepping down.

March 27, 2013

EU’s Austerity Cuts Adverse to Health

EU’s austerity measures negatively affect citizen’s health, is the result of a health study carried out by “The Lancet”. The Commission was supposed to examine the political effects.

March 27, 2013

Strikes Paralyze Poland

Protests against government’s changes in education, social and labor policy.

March 27, 2013

Cyprus: Outflow of Billions of Euros Presumed

Investors in Cyprus could face haircuts up to 50 %. Parliamentary President, Omirou want to go into details about the alleged transfer of assets despite of the banks closing.

March 26, 2013

Head of Bank of Cyprus Withdraws

Head of Cyprus’ biggest bank withdraws. Cyprus’ Labor Minister warns of recession and economic downturn due to the austerity measures imposed by the EU and Commission.

March 26, 2013

Medvedev Vexed Over EU

In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.

March 25, 2013

Cyprus: Bail-Out Package Accepted

Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.

March 25, 2013

Cyprus: Agreement on Bank Asset Tax

Today, the Cyprian government has come to a solution on the compulsory charges on bank accounts.

March 23, 2013

Cyprus: Votes on Mandatory Levy

In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.

March 23, 2013

"Croatia Will Not Benefit From Joining The EU"

Croatia will join the European Union as the 28th member state in a few months. Economists criticize the country for not carrying out enough reforms and only focusing on tourism.

March 22, 2013

Cyprus: Negotiations About “Plan B“ Today

After days of negotiations in Moscow, Cyprian Finance Minister had to return empty-handed. Talks about “plan B” will continue today.

March 22, 2013

Cyprus: Small Investors To Be Excluded From Tax

After protests among Cyprus‘ citizens arised and harsh criticism was expressed, the government now intends to exclude small savers from the compulsary tax and grant them a relief.

March 19, 2013

Czech Republic: Opposition Rejects Austerity Measures

Opposition leader Sobotka was re-elected last Friday as chairman of the Social Democrats. In an interview with Reuters he explains why the government needs to slow down on austerity measures.

March 18, 2013

Poland: Tusk Appears Optimistic On 2013 Budget

Prime Minister, Donald Tusk remains hopeful on fulfilling the 2013 budget criteria, despite of a disadvantageous macro economical outlook.

March 18, 2013

Slovakia: Fico’s Plans For The Future

In a speech at the congress of the Czech senior opposition Social Democrats (CSSD) on Saturday, Prime Minister of Slovakia, Robert Fico explained his future plans.

March 18, 2013

Cyprus: Parliament Votes Tomorrow For Rescue Package

The Cyprian parliament is unlikely to vote in favor for the rescue package which forces bank clients to contribute with their private money.

March 18, 2013

Czech Republic: Erste Group Cutting More Jobs

Because Erste Group has to save CZK 1bn (€ 39m) this year, economy measures need to be taken.

March 8, 2013

Slovenian National Bank: “GDP Decline in Line with Expectations”

The Governing Board of the Bank of Slovenia discussed current economic and financial developments.

March 7, 2013

Czech Republic Eases Austerity Policy

In order to boost economic growth, the Czech government tends to refrain from the strict austerity course.

March 5, 2013

Latvia: Letter Requesting the Convergence Report is Signed

The Baltic country wants to become a member of the Eurozone by 2014.

March 5, 2013

Bulgaria: Eagles Briges Civic Association To Be Found in Sofia

Protesters are gathering in the Arena Armeets Hall to differentiate their pleas.

March 4, 2013

Belka and Rostowski “Time to Move Up a Gear”

Governor of NBP (National Bank of Poland) Marek Belka and Poland´s Minister of Finance Jacek Rostowski want to accelerate Poland´s approach to the Eurozone.

March 4, 2013

Hungary: Percentage of Foreign Direct Investments in Decline

Foreign Direct Investments in 2012 was 5.2 % less than in 2011. According to the statistical central office in Hungary (KSH), the drop in the last quarter showed even -7.9 %. Massive declines in almost all sectors.

March 4, 2013

Poland: Fiscal Treaty Ratified

Poland´s President Bronislaw Komorowski has signed the EU Fiscal Pact this week.

March 1, 2013

Bulgaria: Economy to Stabilize

Despite the enormous political instability, Bulgaria is expected to record positive growth rates this year.

February 28, 2013

Bulgaria: Protestors Want Radical Reforms

The atmosphere in the poorest EU country remains tense. The citizens want a new constitution.

February 28, 2013

Serbia: Real Wages Falling Drastically

Salaries and wages per employee in the Republic of Serbia were down by 17% in January 2013.

February 28, 2013

Slovenia: Bratusek New Head of Government

Today, Slovenia´s Lower House of Parliament has elected a new Prime Minister. Janez Jansa continues to manage the government business.

February 27, 2013

Slovenia: Jansa Remains Prime Minister

Today, Slovenia´s Parliament will elect a new official head of government. However, Jansa will continue the government business.

February 27, 2013

Poland: Rostowki’s Fight for the Euro

Even though Poland’s rating outlook has been revised from “A-“ to “A” by Fitch it still has to face political reforms in order to improve its economic competitiveness.

February 24, 2013

Bulgaria: Protests Continue in Sofia and Varna

Bulgarian political decisions are afflicted by extreme unpopularity as almost 60 % of the population suffers from immediate poverty. Riots continue in Sofia and Varna.

February 24, 2013

Hungary: Government Demonstrates Optimism

Peter Szijjarto, spokesman of Prime Minister Viktor Orban´s party Fidesz, believes that Hungary´s economy will perform well this year.

February 23, 2013

Poland: Nuclear Power Plant Project Wobbles

Poland´s Treasury Minister Mikolaj Budzanowski explained that Poland cannot afford the nuclear power plant.

February 23, 2013

Situation in Bulgaria Remains Tense

After the resignation of the Bulgarian government, the political atmosphere is at a tipping point. The protests continue and are broadening.

February 21, 2013

IMF Visits Croatia Again

A Mission of the International Monetary Fund, led by Nikolay Gueorguiev, arrived in Croatia for its usual semi-annual visit.

February 21, 2013

Ukraine: Budget Deficit Grows Considerably

General government deficit increased to 5.5% of GDP in 2012 (from 4.2% in 2011) amid feeble tax revenue performance, Raiffeisen Research says.

February 20, 2013

Bulgarian Government Resigns

This step came as a surprise. Before, Prime Minister Boyko Borisov rejected to step down. In April, the country will hold new elections.

February 20, 2013

S&P Warns Austria of Election Gifts

This year, Austria will hold federal elections. According to S&P, expensive election gifts may reduce the credit rating outlook.

February 19, 2013

Protests in Bulgaria Threaten to Escalate

Despite the resignation of Minister of Finance Simeon Djankov, the protests go on and may turn into riots. The opposition wants to hold new elections.

February 19, 2013

Euro Adoption: Latvian People Not Convinced at All

Latvia´s government is proud of its austerity course of the last years. According to Prime Minister Valdis Dombrovskis, the country is ready for the euro.

February 16, 2013

Public Debt: Austria´s Government Too Optimistic

The austerity targets of the Austrian government are not realistic. Above all, the official public debt level will increase significantly next year.

February 15, 2013

Fekter Wants to Reduce „Ageing Costs“

Austria´s Minister of Finance Maria Fekter thinks that pension cuts are inevitable. The social democrats reject Fekter´s ideas.

February 15, 2013

European Economy: Nowotny Demonstrates Pessimism

This year, the economy of the Eurozone will shrink, the governor of Austrian National Bank says. Austria suffers from a weak domestic consumption, Nowotny explains.

February 15, 2013

Fekter pleased With “Good data on Austria”

Austria´s Minister of Finance Maria Fekter on Ecofin data: “We have some work to do on debt reduction and pension costs”.

February 13, 2013

S&P Downgrades Slovenia

Today, the U.S. rating agency has lowered the credit rating of the financially stricken country. Further downgrades are not unlikely.

February 13, 2013

Slovenia Faces New Elections

The Slovenian government is under massive pressure. A government collapse is more than likely.

February 11, 2013

Hungary´s Economy to Recover?

Hungarian Minister of Economics György Matolcsy says that the country may achieve the turnaround this year. Last year, several adverse factors occurred at the same time, Matolcsy explained.

February 7, 2013

Serbia: Key Policy Rate Raised to 11.75 Percent

In its meeting, the NBS Executive Board voted to raise the key policy rate by 0.25 percentage points to 11.75 percent.

February 6, 2013

„Hungary Needs Sustainable Reforms“

The IMF underline that the country must restore the confidence of international investors. At the moment, Hungary´s government is not forced to continue the talks with IMF.

February 5, 2013

„Croatia Has No Answer to the Crisis“

Economists fear that the economic crisis in Croatia will continue this year. The government does not implement enough reforms, observers say.

February 4, 2013