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First EU Bail-Out Funds for Cyprus in Mid-May
The € 10bn worth bail-out package for Cyprus will become effective in the next few weeks, according to the Irish EU Presidency.
April 17, 2013
Rothensteiner: „Strictly Against Discussion“
Head of RZB (Raiffeisen Zentralbank) Walter Rothensteiner is everything else but happy about the current discussion about the bank secret and deposit guarantee.
April 17, 2013
Slovenia to Emerge From Quagmire By Itself?
A recent report by the OECD paints a dim picture of the country’s economic future.
April 17, 2013
Cyprus Grants Damaged Foreign Investors Citizenship
Instead of the so-far € 10bn, investors now only have to endow € 3bn in order to obtain the Cyprian citizenship.
April 15, 2013
Slovenia to Sell Two State Enterprises
On a press conference on Friday, Prime Minister Bratusek announced the selling of two state-owned companies, one of them being a bank.
April 13, 2013
Cyprus to Receive More Capital
Cyprus requires more money than expected and will receive it. Head of Eurogroup, Jeroen Dijsselbloem, has promised an examination if money laundering exists.
April 12, 2013
Cyprus: Bail-Out Package More Expensive Than Thought
The aid-money needed increases from € 17.5bn to € 23bn, according to Cyprian government.
April 11, 2013
Bad Outlook for Slovenia’s Economy
Slovenia receives bad marks in a report by the EU Commission. Together with Spain, Slovenia’s economy is endagered to collapse in case measures will not be made in the next few weeks.
April 11, 2013
Cyprus to Sell Gold Reserves
The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.
April 10, 2013
Russia to Contribute to Cyprus Aid-Package
President Vladimir Putin has announced that Russia will contribute to rescue-package for Cyprus.
April 8, 2013
Investigation Report Incriminates Managers of Bank of Cyprus
Mass purchase of Greek state bonds and removing of data.
April 5, 2013
Cyprus Airways Threatened With Bankruptcy
According to Cyprian newspaper Fileleftheros, Cyprus Airways is about to fold.
April 4, 2013
Eder: Future of Voestalpine and Steel Manufacturing Industry
In an interview CEO of voestalpine, Wolfgang Eder explains the current situation on the steel market and points out that mass products will come from CESEE countries in the future.
April 4, 2013
Turkey’s Hopes of a Reunited Cyprus
The financial crisis in Cyprus is, according to Turkish President Abdullah Gül, an important opportunity to overcome the seperation of Cyprus.
April 4, 2013
Cyprus: Evidence Destroyed?
According to reports by the media in Cyprus, important evidence about the heavily affected Bank of Cyprus was destroyed.
April 4, 2013
Cyprus: Prone to Recession
Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.
April 3, 2013
Referendum in Poland about Joining Eurozone
Last week, Prime Minister Donald Tusk offered a vote on a referendum about the adoption of the Euro in Poland. A simple majority needed for a decision could settle the issue.
April 2, 2013
Green’s Fear of Russian Black Money in Austria
Once more, the Austrian Greens insist on a reform of the bank secrecy.
April 2, 2013
Cyprus: Finance Minister Steps Down
According to reports by the media, Finance Minister of Cyprus, Michael Sarris will be replaced.
April 2, 2013
Cyprus: Anastasiades Comes Under Suspicion
President Nikos Anastasiades is in dire straits as he is accused of having transferred huge amounts of money to foreign countries and having warned relatives. In the meantime, the austerity package is almost set.
April 2, 2013
Slovenia: “We Will Need No Bailout This Year”
Since Greece, Spain and Cyprus are currently finding themselves in disastrous economic situations, Slovenia does not want to seem like the next bail-out candidate.
March 30, 2013
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
Cyprus: 37.5 % Tax on Assets
The compulsory levy on bank assets exeeding € 100,000 has now been fixed. Assets above the amount will be taxed with 37.5 %.
March 30, 2013
Cyprus: No Bank Run
The feared bank-run after the almost two-weeks long closing of the banks in Cyprus has not occured.
March 29, 2013
Slovenia: Situation For Banks Still Shaky
According to the National Bank, the new government in Slovenia needs to avoid becoming the new setting of bail-out negotiations with the EU after the banking crisis in Cyprus.
March 28, 2013
Slovenia: NLB Gets Own Bad Bank
Slovenia biggest bank, Nova Ljubljanska Banka (NLB), is going to establish its own intern bad bank.
March 28, 2013
Cyprus: Trying to Avoid Chaos at Banks
Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.
March 28, 2013
Moody’s Warns EU
The rating agency warns the EU governments about over-estimating the ability to overcome the Euro-crisis.
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
Austria: Alpine’s Future Sealed
The restructuring contract has been signed by banks and insurance companies. Shareholders are not affected by a haircut.
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
“Polish Economy Continues to Enjoy Full Trust of Foreign Markets”
Polands Finance Minister is satisfied with the result of the auction of Polish bonds issued earlier this week.
March 23, 2013
Fekter: “Austrians can rest easy knowing that their bank deposits are safe.”
Current situation in Cyprus is an exceptional case and not comparable in any way with Austria.
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
Medvedev: Harsh Criticism For EU At Conference in Poland
At a two day’s international press convention for EU journalists, Russian Prime Minister Medvedev has highlighted the improved political and economic interaction between Russia and Poland. However, he critized the EU on its Cyprus-politics.
March 21, 2013
Hypo Group’s Silence Bewilders Bayern LB
Bayern LB is puzzled as to why former affiliate, Carithian Hypo Group, has not shown any efforts to state their position before court.
March 21, 2013
Cyprus: No Hope in Sight Yet
It is still uncertain if an agreement with Russia about the sale of gas fields can be found. President of the EU commission has joined the talks in Moscow.
March 20, 2013
Cyprus Appeals for Help to Russia
In a vote on Tuesday the government has decided not to use the private money of Cyprus‘ citizens to help bail out the banks. After the rejection, the EU aid package is now off. Cyprus hopes rest on Russia at this point.
March 20, 2013
Slovenia/Croatia: Paving the Way for Brussels
Today, both heads of government, Janez Jansa and Zoran Milanovic, signed the “Memorandum of Understanding” in Mokrice which will permit Croatia to become a full EU member.
March 11, 2013
Austria: Elsner Files Lawsuit in US Supreme Court
Former BAWAG CEO Helmut Elsner filed a lawsuit over $ 1.8bn against members of the Austrian Social Democrat party (SPÖ).
March 7, 2013
Slovenia/Croatia: Agreement over Bank Dispute
After years of debate, there seem to be a final agreement in the fight for the insolvent Ljubljanska Banka. The settlement should pave the way for Croatia’s becoming an EU member state.
March 7, 2013
Polish LOT Plans Mass Lay-Offs
In order to prevent a bankruptcy, the financially stricken airline has to downsize radically, Prime Minister Tusk says.
February 14, 2013
Schlecker Austria Threatened by Insolvency
The Austrian subsidiary of the insolvent German chemist chain must find a buyer in order to prevent its own bankruptcy.
June 19, 2012
Austrian Insolvencies Decreasing
In the first quarter of 2012, the number of Austrian insolvent enterprises is declining. Against the first quarter of 2011, the figure was down by 1.2%.
March 28, 2012
Private Insolvencies on the Rise
Long-term studies show that the number of private insolvencies is increasing in Austria. Since 2002, their number has tripled.
March 12, 2012
AUA: Confrontation of Management and Workforce Sharpens
The management of Austrian airlines must find an agreement with its pilots until March 13. A solution is not in sight.
March 8, 2012
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