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Austerity

Hungary: Budget Targets Endangered to Fail

In August, Hungary´s budget deficit has almost reached the full year´s level. Analysts doubt whether Hungary may achieve a 2.5% budget deficit this year.

October 1, 2012

Fekter Against Property Taxes

The Austrian Minister of Finance Maria Fekter (ÖVP) would support an income tax reform. Property taxes would not be acceptable, she says.

September 29, 2012

Serbia Expects Rising Tax Intake

In order to meet demands of IMF, the Serbian Parliament approved the revised 2012 budget. The tax intake will not solve the country´s problems, economists consider.

September 29, 2012

Czech Deficit in 2013 at 2.9% of GDP

The Czech Government presented the budget bill for 2013. The Maastricht Criteria should be fulfilled.

September 29, 2012

Czech National Bank Expects More Interest Rate Cuts

The governor of the Czech National Bank Miroslav Singer explained that the monetary easing program will continue.

September 27, 2012

Poland Continues Austerity Program

Today, the Polish Ministry of Finance has issued the government´s final budget bill for next year. The budget deficit is estimated to shrink slightly. Poland´s GDP Expected to Grow by 2.2% in 2013.

September 27, 2012

Serbia Asks China for Loan

The Serbian Minister of Finance Mladjan Dinkic asked the Chinese Exim Bank for a € 850m loan in order to realize construction projects. IMF is not satisfied with Serbia´s austerity policies yet.

September 26, 2012

Dacic: „Reforms, Attracting Investments and Starting EU Integration“

The Serbia Prime Minister Ivica Dacic underlined that the government will implement reforms in order to stop the economic crisis.

September 26, 2012

Austria´s Finance Minister Delighted at Positive Moody's Rating

Maria Fekter: “Our Triple A confirms the reform path we have embarked upon.”

September 26, 2012

“EU administration must be screened for savings potential”

Austrian State Secretary Lopatka repeats Austria’s central demands at the General Affairs Council in Brussels.

September 25, 2012

Serbia Attempts to Stop Rise in Public Debt

The Serbian government aims to achieve a balanced buget in 2014. Austerity measures should be sharpened.

September 22, 2012

Croatia Wants to Join the Eurozone

In July 2013, Croatia becomes the 28th member of the EU. After the accession, the Croatia should join the Eurozone too, the government says.

September 19, 2012

National Bank of Slovakia Adapts GDP Growth Forecast

According to NBS, the Slovak economic growth is expected to reach 2.7%. This is higher by 0.2 percentage points than NBS forecasted in June.

September 19, 2012

Fekter: “Spanish Banks Need € 60bn”

According to Austria´s Minister of Finance Maria Fekter, the European Union focuses on Spain. A Greek exit would be no issue anymore.

September 18, 2012

„Situation in Slovenia is not so Dramatic“

Ewald Nowotny, governor of Austria´s Central Bank (OeNB) thinks that the economic situation in Slovenia is under control.

September 18, 2012

Croatia´s Fight Against the Recession: More Austerity and Increase in Exports

According to Paul Krugman, the development of Croatia´s economy depends on the performance of the export-oriented industry.

September 14, 2012

Czech Public Debt Growing Rapidly

Until the end of the year, public debt is expected to increase to € 63.77bn. At the end of 2011, the public debt level came at € 58.5bn.

September 14, 2012

Czech Republic Threatened of Downgrade

Because of its instable political situation, the Czech Republic may be downgraded. Debt service costs may increase substantially.

September 14, 2012

VAT Dispute: Necas Seeks Compromise

The Czech Prime Minister Petr Necas is optimistic that the instable government will survive. He wants to reach a compromise with the dissenters.

September 13, 2012

Austrian Airlines Not Profitable Before 2013

The Austrian subsidiary of Lufthansa will not achieve a positive net income this year.

September 12, 2012

Serbia Lifts VAT Rate

In order to prevent the national bankruptcy, the Serbian government raises the VAT by two percentage points.

September 11, 2012

Slovenian Crisis: Opposition Reassures

Recently, Prime Minister Janez Jansa warned of a national bankruptcy. For the opposition, Slovenia is far from declaring its illiquidity.

September 11, 2012

Moody´s: Poland Still Has Strong Credit Profile

Despite the economic slowdown, Poland´s credit profile remains robust, Moody´s Assistant Vice President Jaime Reusche told PAP.

September 11, 2012

Austerity Package: Czech Government Asks for Vote of Confidence

After the austerity package was disapproved by the Czech Parliament, the government resubmits the bill to the Chamber of Deputies.

September 10, 2012

Czech Republic: No VAT Increase

The governing coalition failed in seeking approval by the parliament. In order to lower the budget deficit, the government intended to lift the VAT rates.

September 7, 2012

IMF: List of Demands against Hungary Became Public

The list contains demands of the IMF against Hungary and is the precondition for the safety loan of € 20bn. However, the list could be a counterfeit.

September 7, 2012

Lithuania´s Rating Confirmed

The rating agency Standard & Poor´s (S&P) kept Lithuania´s sovereign debt rating at BBB.

September 7, 2012

Poland Adapts Austerity Targets

Due to the economic crisis in Europe, the Polish government gives up its aim to reach a budget deficit below 2.2% of GDP.

September 5, 2012

Slovakia Records Growing Current Account Surplus

In the first five months of 2012, Slovakia´s current account surplus reached € 1.24bn. Against the reference period of 2011, this is an increase by € 350m.

September 4, 2012

Czech VAT Increase to be Resolved

The Czech government wants to increase the tax intake by € 1.0bn. Economists warn of a deepening of the recession.

September 4, 2012

Slovakia: Budget Deficit Reached € 2.67bn

In August, Slovakia´s budget shortfall increased to € 2.675bn from € 2.239bn in July.

September 4, 2012

Slovenia: “Danger for Austrian Banks is Limited”

Although Austria would be most affected by a Slovenian national bankruptcy, the likeliness of this scenario is rather low, analysts say.

September 3, 2012

Downward Trend in Austrian Industrial Sector Accelerates

Due to the crisis in the Eurozone, the downward trend in Austria accelerates.

September 3, 2012

IMF: Austria Must Prevent Spillover Effects

The Executive Board of the International Monetary Fund (IMF) has concluded the Article IV consultation with Austria. The Austrian banking sector is “overly ambitious” in the CESEE region, IMF says.

September 3, 2012

Next Pension Reform Ahead

European Forum Alpbach: In 2016, the next pension reform may be necessary in Austria.

September 1, 2012

“We Must Go On with a Political Union”

On the occasion of the European Forum Alpbach 2012, Anna Diamantopoulou, Former European Commissioner for Employment and Social Affairs calls for a completion of the European project.

August 30, 2012

Austrian Budget Targets “Will be Met”

According to Austria´s Finance Minister Maria Fekter, Austria´s budget deficit will be below 3.0% of GDP. “Our domestic fiscal position is very strong now”. she underlines.

August 30, 2012

Barroso: “We Must Complete Europe” (Part 1)

At the Alpbach Economic Symposium 2012, the President of the EU-Commission José Manuel Barroso explained the “logic of integration”. In order to meet new challenges, the EU has to promote integration, Barroso says.

August 30, 2012

Austrian Industry Promotes Employment of Older Workers

The Federation of Austrian Industries (IV) argues that the state budget may reduce pension costs by € 7.4bn if the reforms of Germany were implemented in Austria too.

August 29, 2012

Education: Vranitzky Shows Dissatisfaction with Austrian Government

The former Austrian Federal Chancellor Franz Vranitzky criticizes the Austrian government sharply. For him, the university sector is a “very bad example of inequality between the generations”.

August 29, 2012

Fekter: Enhanced “debt burden check” to Prevent Cost Explosion

Fekter in favour of a law against financially onerous “election-year pork”.

August 23, 2012

Czech VAT to Increase

In order to increase public revenues, the Czech government may increase value added taxes.

August 21, 2012

Slovakia Aims to Lower Budget Deficit Below 3.0% of GDP

The Slovakian government presented the draft state budget for 2013. The budget deficit should not exceed 2.9% of GDP, the Finance Ministry announced.

August 21, 2012

Does the Euro Collapse Now? (Part 2)

The nervousness among Europe´s leaders is growing. Not only Finland warns of a breakdown.

August 18, 2012

IV Emphasizes: „New Taxes Harm Growth and Jobs“

Georg Kapsch, President of the Federation of Austrian Industries (IV), calls for growth stimulating measures. The industrial sector is the growth engine for Austria, he argues.

August 17, 2012

Slovakia Fights Against Budget Deficit

In order to comply with the EU Stability Pact, Slovakia needs to cut public expenses by € 630m.

August 16, 2012

Lenzing to Expand Further

Lenzing´s CEO explains that the frame conditions for Lenzing are highly satisfying at the moment. However, 2012 will not be another record year.

August 7, 2012

Austrian Construction Industry Slackens

This year, unemployment in the Austrian construction industry is relatively high. The order situation is everything but favorable.

August 7, 2012

Slovakia: Rating Confirmed by S&P

The U.S. rating agency Standard & Poor´s reiterates Slovakia´s A/A-1 rating. The outlook is is still „stable“. Slovakia´s labor market data are less promising, however.

August 6, 2012

EU: "Growth without New Debt"

Austrian State Secretary Wolfgang Waldner at the General Affairs Council in Brussels: “Further intensive work on Europe in the next six months under Cypriot EU Presidency”

July 25, 2012
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