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Austerity

EBRD Analyzes Slovenia´s Difficulties

From October 21 to 25, a delegation from the European Bank for Reconstruction and Development will visit the ailing country.

October 21, 2013

Poland: IMF Upgrades Growth Forecasts

According to the IMF, Poland´s GDP growth will reach 2.4%. In the prior forecast, the IMF anticipated a 2.2% growth rate.

October 21, 2013

Slovenia: Massive Concerns Against Real Estate Tax

The Slovenian government plans to introduce property taxes in order to reduce the budget deficit. The opposition warns that the tax may be “highly counterproductive”.

October 18, 2013

RBI Considers Participation in Hypo Group’s Bad Bank

In a radio interview with “Ö1”, Karl Sevelda, CEO of Raiffeisen Bank International (RBI), announced that he regards a particpation of his bank as possible.

October 18, 2013

Slovenia Introduces Property Tax

In order to reduce the massive fiscal shortfall, Slovenia is looking for new revenues. The property tax may bring more than € 400m.

October 17, 2013

Experts Urge Serbia to Accelerate Austerity Measures

It is still questionable whether the austerity measures announced by the Serbian government are sufficient.

October 15, 2013

Russian and Ukrainian Oligarchs Interested in RBI’s Affiliate

The Ukrainian affiliate of Raiffeisen Bank International (RBI), Bank Aval, has become the object of desire for Russian billionaire Fridman and Ukrainian banker Lagun.

October 15, 2013

Serbia’s Participation in South Stream Not at Risk

According to Petar Skundic, Serbian energy advisor to the Prime Minister, the gas pipeline project is not imperiled by the government’s austerity measures.

October 14, 2013

IMF: Serbia´s Reforms are Not Sufficient

On the occasion of a visit in Serbia, the IMF commented the efforts of the Serbian government to cut the budget gap. The austerity cuts are right, but the country needs further reforms, IMF´s team said.

October 10, 2013

Romania Under Observation

The IMF wants Romania´s government to put more effort in austerity measures, market liberalization and privatization of state-owned assets.

October 9, 2013

Serbia Fights Against National Bankruptcy

The Serbian government has decided to implement a new austerity package. Above all, civil servants face substantial salary cuts.

October 9, 2013

Croatia: Domestic Consumption Remains Weak

In the next years, Croatia´s economic performance will mainly depend on external factors.

October 5, 2013

Sevelda: Not the Right Time for Capital Increase

In an interview with Financial Times (FT) Karl Sevelda, CEO of RBI, states that a capital increase would be difficult at the moment due to an unfavorable economic environment.

October 4, 2013

RZB: Leasing Segment Proves Difficult

Last year, the leasing subsidiary of Raiffeisen Zentralbank (RZB) has recorded massive losses. In the next years, the leasing business will not return to profitability.

September 28, 2013

Czech Republic: Recession Is Not Managed Yet

This year, the Czech GDP is expected to contract by 1.1%, the Czech Ministry of Finance forecasts.

September 26, 2013

Raiffeisen Sector: Austerity Cuts Ahead

RZB (Raiffeisen Zentralbank), the majority shareholder of Vienna-listed RBI (Raiffeisen Bank International) plans to reduce its costs substantially.

September 26, 2013

Slovenia: PM Takes International Bailout into Consideration

For the first time the crisis-struck Eurozone member country has admitted to consider international bailout as an option for its ailing banks.

September 26, 2013

RBI: Drastic Austerity Measures Ahead

Vienna-listed Raiffeisen Bank International will have to cut costs by € 450m within 3 years.

September 25, 2013 · Updated: September 25, 2013; 10:41

Slovenia: Controversies Over New Budget

Slovenia´s Prime Minister Alenka Bratusek links the approval to the austerity budget to a vote of confidence.

September 25, 2013

Croatia to Issue Dollar Bonds

In order to cover its foreign exchange needs, Croatia will issue a dollar bond with a size of $ 2.7bn.

September 24, 2013

Keuschnigg: Losses of Hypo Compensated by Privatizations

Christian Keuschnigg, head of the IHS (Austrian Institute for Higher Studies) suggests to privatize OMV, Post and Telekom Austria to pay for Hypo Group.

September 20, 2013

Another Austerity Package in Austria?

Due to the dismal situation of nationalized banks, the economist Christian Keuschnigg anticipates another austerity package after the election at the end of September.

September 6, 2013

Faymann: “Banks Should Pay for Hypo”

Austrian Chancellor Werner Faymann does not consider a new austerity package necessary despite of the threatening billions of Euros for the selling and winding-up of the ailing bank.

September 5, 2013

Lopatka Demands Reform for Austrian Railways

State Secretary Lopatka demands Minister of Infrastructure Bures to tackle the expensive pension system at the Austrian Railways by doing away with privliges for emplyoees in order to unburden tax payers.

September 4, 2013

Poland: Economy Begins to Accelerate

In the third quarter of 2013, Poland´s economy will grow by 1.0% year on year.

August 31, 2013

Czech Republic: GDP to Shrink Further

The Czech Republic will not leave the recession behind soon. The economic forecasts had to be revised again.

August 31, 2013

Austria: “Painful Cuts“ at RBI

According to the most recent results, the bank has losses in profits of more then 60 percent. A strict cost reduction program

August 22, 2013

Poland: Budget Amendment Passed in Parliament

In order to adapt to the slow economic growth the government has amended the budet by permitting this year’s budget deficit to increase to PLN 16bn as well as approving PLN in spending cut, as announced at a press conferenced on Tuesday.

August 21, 2013

Romania: Significant Drop in Purchase Power

General consumption climate is unfavorable in Europe at the moment.

August 12, 2013

Czech Republic: Interest Rates Remain Flat

The Czech National Bank (CNB) holds the base rate at its historical low. In the course of 2014, the Czech economy is expected to recover.

August 2, 2013

Conwert: Strategic Repositioning Completed

CEO for conwert in Q4 2013

July 24, 2013

China: Big Plans for Ljubljana Airport

China Southern, Asia’s biggest airline company, plans to establish a hub in Ljubljana for SEE.

July 24, 2013

NBP Wants Government to Adapt Budget

After the Polish government has announced to postpone its austerity plans, the National Bank of Poland calls the government to submit an updated fiscal outlook.

July 19, 2013

Poland Tries to Manage Fiscal Balancing Act

On the one hand, Poland´s government wants to keep an eye on the Maastricht Criteria. On the other hand, the economic growth would shrink even more without a fiscal stimulus.

July 18, 2013

Polish Government to Leave Austerity Path

In order to boost Poland´s economic growth, the government wants to ease the fiscal discipline.

July 17, 2013

Poland: Economic Upswing not before 2014

Poland´s National Bank NBP expects that the country´s economic performance will not improve visibly this year.

July 16, 2013

IMF to Leave Hungary

Hungary´s National Bank MNB has called the IMF to close its representative office. Hungary wants to repay the loan facility provided by the IMF soon.

July 16, 2013

IMF Downgrades Growth Prognosis for Eurozone

According to the International Monetary Fund (IMF), the prospects of growth in the Eurozone are still positive. However, they are not as good as in April. Germany and Austria are concerned as well.

July 10, 2013

Slovenia’s Banking Sector Threatened by Delay of Bad Bank-Transfers

After the EU Commission denied approval for the first transfers of bad loans to the bank asset management by June 28, the reorganization of the banking system in Slovenia has been postponed.

July 9, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

Fekter: Eurozone More Stable Than A Year Ago

Austrian Finance Minister Maria Fekter has described the condition of the Eurozone as “better” than compared to a year ago.

July 9, 2013

Crisis in Slovenia Might Take Longer Than Expected

According to the latest economic report by auditing firm Ernst&Young;, the financial crisis in Slovenia will take longer than expected beforehand. However, the country should still be able to avoid international bailout.

July 1, 2013

Austrian Coalition to Take Stock of Legislative Period

In a joint interview with several leading Austrian newspapers, Austrian Chancellor Werner Faymann and Deputy Chancellor and Foreign Minister Michael Spindelegger take stock of the legislative period so far.

June 28, 2013

Erste Group to Pay Back € 1.8bn in State Aid

The Austrian banking institute plans on not only paying back its debts at the state but also to significantly increase equity capital.

June 24, 2013

Alpine to Be Shut Down

Bankrupt-gone construction company Alpine is facing a breaking down. After negotiations about establishing a rescue company failed, the enterprise will apply for a shutdown.

June 24, 2013

Slovenia’s Economic Outlook to Deteriorate Further

The Institute for Macroeconomic Analysis and Development expects GDP in Slovenia to shrink more than projected earlier.

June 21, 2013

Last Try to Save Polish Airline LOT

Poland’s National Treasury starts a final attempt at saving Polish Airlines LOT.

June 21, 2013

AUA „Makes Good Progress“

Chairman of Lufthansa Christoph Franz is confident that the Austrian affiliate Austrian Airways (AUA) will be able to make the turnaround in time.

June 20, 2013

Moody's: Overall Fiscal Situation In CEE Is Improving

Because of austerity measures in most of the countries, the economic situation is slowly but steadily improving.However, the latest competitiveness report pains a bleak picture of the future.

June 7, 2013

Slovenia: Commission’s Target to Be Achieved in September

Deputy Prime Minister and Interior Minister Gregor Virant announced that Slovenia will achieve the EU Commission’s aim for approving more budget cuts by the end of September to avoid international bailout.

June 6, 2013
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