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Austerity

Hungary: Small Concession for Banking Industry

The banking sector in Hungary is under pressure. The government in Budapest decided to pay back debts of municipalities by the end of the year.

November 24, 2012

S&P Downgrades Hungary

The U.S. rating agency lowers Hungary´s sovereign debt rating from “BB+” to “BB”.

November 23, 2012

Czech Republic: Budget Approved

Next year, the Czech state budget is planned to reach 2.9% of GDP.

November 22, 2012

Austria: Majority Support Property Taxes

A clear majority of Austrian citizens think that the corporate tax rate should increase.

November 20, 2012

Slovenia to Sharpen Austerity Measures

The Slovenian Prime Minister Janez Jansa announced that the austerity policy will be implemented even more consequently.

November 20, 2012

Serbian Government to Raise Corporate Tax

The austerity pressure forces the Serbian government to increase taxes. Serbia´s corporate tax will move from 10% to 15%.

November 20, 2012

Serbia Attempts New Economic Reforms

The Serbian government does not only want to pursue a strict austerity policy. The country aims to become more attractive for international investors.

November 17, 2012

Belka: Polish Economy Will Recover In 2013

The governor of the Polish National Bank (NBP) Marek Belka demonstrates optimism.

November 17, 2012

Hungary: Next Austerity Package Resolved

The Hungarian government is caught between the need to lower the budget deficit and to support economic growth.

November 17, 2012

S&P Upgrades Latvia

The Baltic country performs well, S&P underlines. The long and short-term sovereign credit rating moved from “BBB-/A-3” to “BBB/A-2”.

November 15, 2012

Romania Hopes for New IMF Loan

The economic situation remains gloomy. Foreign direct investments are weakening. The economic outlook is rather decent.

November 13, 2012

Czech Republic Does not Leave Recession Behind

The country does not only stay in a recession, the situation worsens further, economists say.

November 13, 2012

Hungary: Head of Banking Association Resigns

The chairman of the Hungarian Banking Association Mihaly Patai steps down. He explains that the Hungarian state overburdens the banking sector.

November 13, 2012

Slovenia Still Rules Out Calling for Rescue

The Slovenian government tries to prevent to be bailed out by the EU and IMF by all means. However, experts fear that Slovenia is the next candidate for the safety net.

November 10, 2012

Fekter Underlines Austerity Policy

Fitch rating agency assigns its best triple A rating to Austria, praising in particular the stability and reform package approved in March.

November 10, 2012

Fitch Confirms AAA for Austria

The outlook is „stable“. The rating agency is worried about the banking sector, however.

November 9, 2012 · Updated: November 9, 2012; 17:13

Hungary´s Budget Deficit Below 3.0%

The EU Commission estimates that Hungary´s budget deficit will comply with the Maastricht Criteria in 2012 and 2013. However, the deficit may exceed the 3.0% threshold in 2014.

November 8, 2012

Czech Government Overcomes Vote of Confidence

The majority of the members of the Czech Parliament approved the amended austerity program.

November 7, 2012

Future of Czech Government Uncertain

Although Prime Minister Petr Necas was confirmed as party leader of the governing ODS, the government is still threatened to collapse.

November 6, 2012

Romania: Joining Eurozone is „Not for Sure”

Romania´s Prime Minister Victor Ponta expressed his concerns about introducing the euro in Romania.

November 5, 2012

Austrian Airlines: Austerity Program Not Finished

In the first nine months, AUA´s operating income was positive. However, the restructuring process will go on.

November 2, 2012

Czech Republic to Stagnate

The economic outlook for the Czech Republic had to be revised again. After a significant recession in 2012, the Czech GDP will only grow by 0.2% next year.

November 2, 2012

Lithuania´s Government Aims to Join Eurozone

The social democrat Algirdas Butkevicius may become Lithuania´s next Prime Minister. His main targets are austerity and the accession to the Eurozone.

October 31, 2012

Belgrade to Sharpen Austerity Policy

Next year, Serbia reduces the budget deficit from 6.2% to 3.5% of GDP. The Serbian government expects that the economy will recover next year.

October 25, 2012

“Poland is Safe”

Despite the economic slowdown, the Polish Minister of Finance Jacek Rostowksi says that the country is safe from the economic crisis.

October 24, 2012

Austrian Railways: Net Income to Reach € 200m in Medium Term

Despite the difficult economic situation, CEO Christian Kern aims to increase the profitability further. “The fourth quarter will be brutal.” he says.

October 20, 2012

Polish Government: Austerity in Order to Enter Eurozone

The Polish Minister of Foreign Affairs Radoslaw Sikorski says that Poland will fulfill the Maastricht Criteria in 2015.

October 19, 2012

Hungarian Tax Plans: Austrian Banks Annoyed

Because of the pressing need to reduce the budget deficit, Hungary´s government decided not to lower the bank tax. Moreover, the financial transaction tax will be doubled.

October 18, 2012

Hungary Doubles Financial Transaction Tax

The Hungarian Minister of Economics Gyorgy Matolcsy announced that the financial transaction tax will be increased to 0.2%. Moreover, the bank taxes will not be reduced.

October 17, 2012

Austria Underlines Importance of Austerity Measures

“EU pact for growth and employment to fight high unemployment rates”: State Secretary Reinhold Lopatka at the General Affairs Council in Luxemburg.

October 17, 2012

Austria: Economic Sentiment Low

Despite solution to eurozone crisis taking shape, sentiment of consumers and producers still trending down. More optimistic outlook for 2013 after stagnation in second half of 2012.

October 17, 2012

Austrian Budget: Experts Call for Further Reforms (Part 3)

Economists think that the budget does not contain enough reform steps. The opposition does not see any signs of progress.

October 16, 2012

Austrian Budget: Experts Call for Further Reforms (Part 2)

Austrian economic research institutes criticize the state budget and want the government to show more ambition.

October 16, 2012

Austrian Budget: Experts Call for Further Reforms (Part 1)

Today, the Austrian Finance Minister Fekter presented the 2013 Budget to Austrian National Assembly. The reactions were highly controversial.

October 16, 2012

Austria to Violate Maastricht Criteria in 2012

This year, the Austria budget deficit will not be below the 3.0% threshold. This is mainly due to the banking package.

October 15, 2012

Orban Blames EU for Austerity Cuts

The Hungarian Prime Minister Viktor Orban explains that Hungary has no other choice but to deepen the austerity cuts.

October 13, 2012

Czech Government Attempts to Stimulate Growth

On the one hand, the Czech government deepens the austerity measures. On the other hand, growth-stimulating investments should be initiated.

October 13, 2012

Slovak Deficit to Reach 2.9% of GDP in 2013

The Slovak government approved the 2013 state budget. The deficit will be reduced step by step in the next years.

October 12, 2012

Poland´s Budget Deficit “Will Not Be Bigger than Planned”

The Polish Minister of finance Jacek Rostowski stresses that the planned budget deficit will not be higher than PLN 35.6bn.

October 11, 2012

Slovenia Resolves Financial Transaction Tax

The Slovenian government wants to introduce a 6.5% tax on securities trading. The financial industry criticizes the government massively.

October 9, 2012

Austria Appreciates Portugal’s Efforts of Budget Consolidation

State Secretary Lopatka meets with Portuguese State Secretary for EU Affairs, Luis Miguel Morais Leitão.

October 8, 2012

New Austerity Package in Hungary

In order to cut the budget defict below 3.0% of GDP in 2013, the Hungarian government plans further cuts and tax increases.

October 5, 2012

Slovenia to Sharpen Austerity Measures

The Slovenian centre-right government announces new austerity cuts. The budget deficit should be lowered to 3.0% of GDP.

October 5, 2012

CEE Countries Must Work Upon Economic Convergence

CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.

October 5, 2012

Mitterlehner: „No Economic Stimulus Package“

Austria´s Minister of Economics rejects another stimulus package for the Austrian industrial sector. The budgetary situation would not allow that, he says.

October 4, 2012

Slovakia Abolishes Flat Tax

Because of the austerity pressure, Slovakia gives up its flat tax. The corporation income tax rate increases to 23% from 19%.

October 3, 2012

IMF Puts Pressure on Slovenia

Slovenia is urged to implement quick reforms. Otherwise the country may have to be bailed out by the safety net.

October 3, 2012

Slovakia: Budget Deficit Decreased Slightly

Last month, the Slovak state deficit was down to € 2.59bn. In August, the deficit stood at € 2.68bn.

October 2, 2012

Hungarian Budget Deficit Growing Quickly

According to preliminary data the deficit of the general government sector in the first half of 2012 was HUF 393 billion, 2.8% of GDP. Although the deficit is smaller than last year, the 2012 target will not be met.

October 2, 2012

Serbia to Grow in 2013

The Serbian economist Jurij Bajec explained that the Serbian economy will recover next year. Real GDP growth will reach 2.0%, he says.

October 1, 2012
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