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Austerity

Bulgaria: Public Debt to Decrease in 2013

According to the Bulgarian government, public debt will be reduced by BGN 600m in 2013. The public finance law has been adopted at the second reading.

February 2, 2013

Hungary to Stagnate in 2013

The economic outlook for Hungary remains rather bleak. The country will not leave the recession behind this year.

February 2, 2013

Romania: „Ongoing fiscal consolidation in 2012“

According to Raiffeisen Research, Romania´s public finance begins to improve. However, the budget execution still shows some weaknesses.

February 1, 2013

Slovakia: Government Warns of Economic Slowdown

This year, Slovakia´s government expects lower growth rates than in 2012. Besides that, the austerity pressure is growing.

February 1, 2013

Fekter: "Our measures are having an effect"

Austrian Finance Minister Maria Fekter pleased regarding preliminary administrative budget deficit.

February 1, 2013

Serbian Budget Deficit Lower than Expected

The government succeeded to achieve the 2012 budget deficit reading below the planned one, Raiffeisen Research reports.

January 30, 2013

S&P Upgrades Austrian Sovereign Bonds

Finance Minister Maria Fekter on Standard and Poor's upgrade: "We are on the right path and our measures are showing results".

January 29, 2013

Slovenia: Jansa Rejects to Step Down

Despite the deep political and economic crisis, Slovenia´s Prime Minister Janez Jansa is clinging to power.

January 25, 2013

Slovakia: Public Debt Quota Exceeds 50% of GDP

For the first time since 2000, Slovakia´s public debt level exceeds the 50% threshold.

January 24, 2013

Slovenia: Government Collapses

Yesterday in the evening, the conservative coalition member CL has terminated the co-operation with Prime Minister Janez Jansa´s party SDS. Not only the political situation in Slovenia is precarious, but also the economic outlook is highly uncertain.

January 24, 2013

Slovenia: Protests Against Austerity Cuts

Due to a general strike, Slovenia comes to a standstill. More than 100,000 public servants protest against social cuts.

January 23, 2013

Slovakia Continues Austerity Measures

Slovak Minister of Economics Tomas Malatinsky underlines that the country must improve its attractiveness for businesses.

January 22, 2013

Fico: „Privatizations Were Our Biggest Mistake“

Slovakia´s Prime Minister Robert Fico thinks that the austerity policy in Europe is the wrong way.

January 21, 2013

Poland´s Rating Not Endangered

According to the U.S. rating agency Fitch, Poland´s “A-“ rating is “robust”.

January 21, 2013

Croatia: One Step Closer to the EU

According to their own statements, the Croatian government has fulfilled eight out of ten tasks, which must be finalized until July 2013. However, Croatia´s economic problems are far from being solved.

January 15, 2013

New Elections in Slovenia?

The government crisis in Slovenia sharpens. Economists warn of a leftist coalition.

January 15, 2013

CESEE: Chakrabarti Expects Stabilization

In an interview with the Austrian news magazine „Standard“, EBRD´s President Suma Chakrabarti demonstrates cautious optimism. 2013 will be a better year for the CESEE region, he says.

January 14, 2013

Romania: Ponta Promises Return to Growth

Prime Minister Victor Ponta underlines the necessity of austerity measures. This year, Romania´s public debt level will increase further, though.

January 12, 2013

Moody´s: Slovak Austerity Plans Not Realistic

According to the U.S. rating agency, the deficit reduction plan may be too ambitious.

January 10, 2013

Serbian Government Emphasizes Need of Austerity

The government in Belgrade has prepared a fiscal consolidation program. In the next years, the public debt quota is expected to decrease slightly.

January 10, 2013

Serbia: Doubts About Economic Development

Milos Bugarin, President of Serbia´s Chamber of Commerce demonstrates skepticism regarding the economic outlook issued by the government.

January 7, 2013

Croatia Faces Stagnation

Last year, Croatia´s economy shrank substantially. In 2013, the country will recover, economists say.

January 5, 2013

Slovakia: Gasparovic Demonstrates Optimism

On the occasion of his traditional New Year´s speech, Slovakia´s President Ivan Gasparovic underlines that the country is able to manage the crisis.

January 3, 2013

Hungary: Dissatisfaction Grows

More than the half of the Hungarians is dissatisfied with the country´s government.

January 3, 2013

Favorable Economic Outlook for Croatia

After a severe setback since 2009, the country is expected to register substantial growth rates again, Erste Group says. Above all, the EU accession is expected to boost the country´s economy.

December 28, 2012

Outlook: Europe Remains Under Threat

The European debt crisis will remain a major issue, Austrian Erste Group says.

December 28, 2012

Nowotny Puts Pressure on Austrian Government

Ewald Nowotny, governor of Austrian National Bank (OeNB) wants the Austrian government to continue the austerity course.

December 28, 2012

Slovenia: Sustersic Rules Out Coming Under Rescue Umbrella

In an interview with the Austrian news magazine “Standard”, Slovenia´s Minister of Finance Janez Sustersic says that his country is not candidate for the safety net ESM.

December 28, 2012

Lithuania: Budget Finally Approved

Lithuania´s President Dalia Grybauskaite confirmed the 2013 budget.

December 28, 2012

IHS: Austria Has Bottomed Out

Austria faces a trend reversal, the Austrian Institute of Advanced Studies (IHS) says. The real debt level in Austria totals 200%, Keuschnigg says.

December 21, 2012

Czech Parliament Resolves VAT Increase

After months of controversies, the Czech Chamber of Deputies approved the government´s taxation plans.

December 21, 2012

Slovakia: Budget Deficit Comes at 4.6%

This year, the Slovak budget deficit is expected to be significantly beyond the Maastricht criteria.

December 20, 2012

Slovenia: No Referenda Against Austerity Policy

The Slovenian Constitutional Court decided that the Slovenians will not hold a public vote on the creation of a bad bank and the privatization policy.

December 20, 2012

Ukraine: Fiscal Policy Faces Unsolved Problems

The budget draft for 2013 provides no room for the fiscal consolidation, which looks incompatible with the IMF requirements.

December 19, 2012

Slovenia: Citizens Protest Against Austerity Cuts

The austerity policy of the centre-right government faces fierce resistance by the trade union and citizen´s movements.

December 18, 2012

Ukraine: Reform Pressure Grows

Mykola Azarov is reappointed as Prime-minister, facing tough challenges ahead, Raiffeisen Research states.

December 18, 2012

S&P Downgrades Croatia

Croatia´s Minister of Finance Slavko Linic does not exclude that Croatia needs support from the IMF next year.

December 17, 2012

WIFO: South Europe Needs Change in Strategy

The Austrian Institute of Economic Research (WIFO) underlines that the austerity policy in South European countries did not help at all.

December 12, 2012

„Eurobonds Are No Solution“

Latvia´s Prime Minister Valdis Dombrovskis argues that euro-bonds may be implemented at the end of the convergence process.

December 11, 2012

Slovenia Sharpens Austerity Measures

The Slovenian Parliament resolved the budgets for 2013 and 2014. The country tries to fulfill the Maastricht criteria.

December 8, 2012

Fiscal Policy: OECD Warns Slovakia

OECD´s Secretary General Angel Gurria calls Slovakia to improve its fiscal efficiency. The tax collection must be professionalized, he says.

December 8, 2012

Slovakia: Flat Tax Replaced New Tax Model

After nine years, Slovakia abolishes the flat tax. Corporate profit tax was increased from 19% to 23%.

December 5, 2012

Serbian Government Emphasizes Austerity Policy

Next year, the Serbian budget deficit is expected to come at 3.3% of GDP. Until 2015, the deficit will be lowered further, the government says.

December 4, 2012

“Eurozone On Stable Ground”

Austria´s Minister of Finance Maria Fekter is optimistic. Spain, Portugal and Ireland are making substantial progress. However, the crisis is not over yet, she notes.

December 1, 2012

Fitch Cuts Croatia´s Credit Rating Outlook

The U.S. rating agency argues that the economic development in Croatia is substantially behind the expectations.

November 30, 2012

Reforms: Weak Performance of Austrian Government

The Brussels-based think-tank “The Lisbon Council” and German Berenberg Bank underline that Austria´s economic situation is still favorable. However, the implementation of reforms slackens.

November 29, 2012

Serbia: Budget Deficit Soared by 22.4%

This development was supported by sharper expenditures enlargement (+8.0% yoy) while fairly small revenue increase (+5.1% yoy), delivering public debt/GDP to 53.8% in September 2012.

November 28, 2012

OECD: CESEE Countries A Risk Factor for Austria

Next year, Austria´s economy will only show a growth rate of 0.8%. Unemployment is estimated to increase further. CESEE countries would lower the grow prospects for Austria, OECD says.

November 27, 2012

Romania: Fiscal Situation Improves

“Public budget deficit amounted to only 1.2% of GDP at the end of September, which was better than we had expected.” Raiffeisen Research states.

November 27, 2012

CESEE: Eurozone crisis and Austerity Push Half of the Region into Recession

Export weakness and suppressed domestic demand will push nearly half of the CESEE region into recession this year, including the Czech Republic, Hungary, Slovenia, and nearly all Western Balkan countries.

November 26, 2012
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