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Bankruptcy

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

AUA´s Insolvency Becomes More Probable

German newspapers report that Lufthansa could establish a new Austrian airline company. AUA could be left then.

March 2, 2012

AUA Attempts to Prevent FlyNiki to Approach Tel Aviv

Austrian Airlines files a complaint against FlyNiki at the Austrian

February 18, 2012

AUA: Atmosphere on the Brink

Austrian Airlines is endangered to face persisting disputes. The conflict between the management and the works council sharpened further.

February 17, 2012

A-Tec´s Quota to Reach 30%

In July, the insolvency quota of A-Tec will be paid to creditors. The quota will range from 30% to 35%.

February 10, 2012

No Further Rise in Insolvencies Expected

The bad debt insurers Euler Hermes and Prisma expect business insolvencies to stagnate in 2012.

February 2, 2012

Schlecker Austria Will Not Be Sold

The German chemist chain gives the all-clear. The Austrian subsidiary is not affected by the insolvency of the group.

February 1, 2012