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Budget Deficit
Austria: New Government Already Disappoints in the First Week
In 2014, Austria will not achieve its fiscal objectives, new Minister of Finance Michael Spindelegger admitted. Austria´s fiscal situation is observed critically. The country faces a new austerity package.
December 23, 2013
Bulgaria Still Below Pre-Crisis Level
The World Bank predicts that Bulgaria will not reach the pre-crisis level before 2008 in terms of GDP. Regarding Bulgaria´s fiscal situation, the country performs well, though.
December 20, 2013
Slovenia: Budget Shortfall Greater than Expected
As per the end of November the country’s budget deficit amounted to almost € 1.62bn, according to the latest estimates by the Finance Ministry.
December 20, 2013
Serbia: EU Accession Talks in January Fixed
Prime Minister Dacic considers results as “historic event” for Serbia.
December 18, 2013
Austria: Opening Balance Reveals Massive Mountain of Debt
Public debts exceed the federal assets by more than double the amount, as revealed by the opening balance published by outgoing Finance Minister Maria Fekter last weekend.
December 16, 2013
Poland: Budget Bill Approved by Lower House
On Friday, the Polish lower house Sejm approved next year’s budget bill which schedules the budget deficit of PLN 47.6bn not to be exceeded.
December 16, 2013
Bulgaria: S&P Downgrade Criticized Sharply
Bulgarian Minister of Economy Dragomir Stynev does not agree with S&P´s view on Bulgaria´s creditworthiness.
December 16, 2013
Poland: Budget Deficit Expected to Fall
In view of the accelerating economy, Poland´s fiscal shortfall will be smaller than initially projected, the rating agency Fitch states.
December 13, 2013
Austria: Spindelegger Replaces Fekter
The designated cabinet members were presented to the public today. Maria Fekter will not be a cabinet member anymore.
December 13, 2013
Hungary: Stable Outlook Yet Still Junk Status
In spite of Matolcsy, governor of the Hungarian National Bank (MNB), demanding a better rating for the country’s credibility, the major rating agencies have not raised them.
December 12, 2013
Croatia: EU Introduces Excessive Deficit Procedure
In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.
December 11, 2013
Slovakia Reverts Fiscal Strategy
The Slovak parliament has approved the government-authored corporate tax rate cut from 23% to 22%. Further cuts are expected to come.
December 10, 2013
Poland: Parliament Approves Nationalization of Pension Fund
Today, the Polish Lower House approved the controversial pension reform. With the reform, the Polish pension system will be partly re-nationalized.
December 10, 2013
Serbia: New Budget Turning Point for Economy
Next year’s draft budget is, according to Prime Minister Ivica Dacic the opportunity for a new beginning and a turning point in a responsible approach to running the Serbian economy.
December 9, 2013
Austria: Nowotny Warns of Choking off Economic Growth
The Austrian National Bank (OeNB) has slightly decreased this year’s economic growth from 0.5 percent to 0.4 percent. However, the recession of the past two years is over, the bank claims.
December 6, 2013
Faymann: “No Outstanding Issues That Cannot Be Solved“
In an interview with Austrian daily “Kurier“ Chancellor Werner Faymann rejects the idea of early elections and underlines that there were no unsolvable issues.
December 4, 2013
Spindelegger: Reforms Remain “Watchword“
Today Deputy Chancellor Michael Spindelegger has reported to President Heinz Fischer about “difficulties” in the coalition negotiations, as announced by Spindelegger publicly.
December 4, 2013
Faymann: Austrian State Finances are Stable
Chancellor Werner Faymann rejects the opposition’s claim that Austria is on its path to national bankruptcy.
December 3, 2013
Austria: President Presses for Progress in Coalition Negotiations
It has been two months after since the coalition negotiations started after the elections for the National Assembley. However, there has been not visible progress.
December 2, 2013
Austria: Tax Losses Amount to € 2bn in 2014
The Austrian People’s Party estimates tax losses in the amount of € 2bn for the coming fiscal year as announced by State Secretary for Foreign Affairs Reinhold Lopatka in an interview with radio station Ö1.
November 29, 2013
Leitl: Growth Stimulating Measures for Budget Consolidation
Leitl calls for growth stimulating measures which are the basis for the consolidation of the Austrian budget.
November 28, 2013
Croatia: Milanovic Promises Economic Recovery
Prime Minister vows that Croatia's economy will be put on a sounder footing.
November 28, 2013
Hungarian Parliament Resolves 2014 Budget
Hungary´s scheduled budget deficit in 2014 comes at 2.9% of the GDP. Economists are in doubt whether the deficit will be achieved.
November 27, 2013
EU Financial Transaction Tax to Become a Flop?
Experts do not expect the financial transaction tax to become effective next year.
November 27, 2013
Croatia: HNB Pushes Credits
According to reports by Reuters, the Croatian National Bank (HNB) intends to issue HRK 4bn (US-$ 707m) to support credits. Further details will be published by the Central Bank later this week.
November 27, 2013
Austria: “Budget on Target“
State Secretary for Finance Andreas Schieder points out that “the figures from the Finance Ministry for the budget performance until October show that the budget 2013 is on target.” Social Minister Hundstorfer calls for reforms.
November 25, 2013
Faymann Calls for Sense of Proportion
Chancellor Faymann does not consider a drastic austerity package necessary.
November 25, 2013
Czech Budget Deficit Shrinks
Despite the unfavorable macro-economic develoment, the Czech Republic´s budget deficit was down slightly. This is mainly due the the better tax collection, the Czech Statistical Office (CSU) reports.
November 23, 2013
Szczurek: EU Funds to Create Growth
Poland´s designated Minister of Finance Mateusz Szczurek explained that EU contributions will be used to support Polish GDP growth.
November 23, 2013
Slovakia Benefits Substantially from EU
In the next fiscal term from 2014 to 2020, Slovakia will receive net contributions of € 14bn. Without the EU contributions, Slovakia´s fiscal situation would be difficult.
November 23, 2013
Romania Faces Upgrade
Next year, Romanian sovereign bonds may be upgraded by Standard & Poor´s.
November 23, 2013
Slovenia: Economic Growth Expected to Speed up Next Year
Economic growth is expected to accelerate next year.
November 22, 2013
Pressure on Slovenia Dampens
After Slovenia´s governing coalition has won the vote of confidence, the yield on Slovenian sovereign bonds is going down slightly.
November 22, 2013
Austria: Budget Contradiction Causes Irritation
Opposition demands immediate resignation of Finance Minister Fekter.
November 20, 2013
Austria: Wifo’s Estimates More Optimistic
Wifo forecasts Austria to keep its growth advantage if “smart” consolidation measures are carried out by the government.
November 20, 2013
Fekter: Austrian Budget Gap Based on Unfavorable Economic Forecast
Yesterday afternoon current Finance Minister Maria Fekter and State Secretary of Finances Andreas Schieder met with the parliamentary budget committee. The opposition parties demanded answers and clarification in regard to the budget gap.
November 19, 2013
RBI Approves Participation in Bad Bank for Hypo
CEO of RBI Sevelda expects Austrian government to set a time limit for bank levies until the end of 2016.
November 18, 2013
Bank Austria: Economic Recovery Continues
The Bank Austria Business Indicator provides an overview of the current economic situation in Austria.
November 18, 2013
Slovenia Issues New Eurobonds
The issuance of a new bond in the amount of € 1.5bn on Friday came as surprise as Prime Minister Alenka Bratusek has annouced earlier no such measures will be made until the beginning of the new year.
November 18, 2013
Bulgaria: Fiscal Plans “Too Ambitious”
According to the IMF, the underlying assumptions of Bulgaria´s government are not realistic. The banking industry is stable, though.
November 16, 2013
Linic: No Aid from IMF Needed
According to Croatia´s Minister of Finance Slavko Linic, the country will manage the financial crisis on its own.
November 15, 2013
Slovenian Government Wins Vote of Confidence
As expected, on Friday the Slovenian center-left government of Prime Minister Alenka Bratusek has won a vote of confidence.
November 15, 2013
Austria: Fekter Indicates Resignation
Even before the general elections in September rumors were circling around about Finance Minister Maria Fekter’s withdawal from her position.
November 14, 2013
EU Commission: Slovenia Makes “Key Progress”
Slovenia is among 16 EU member states that require comprehensive assessment of macroeconomic imbalances. According to a report published by the EU Commission, the small country shows significant improvement.
November 14, 2013
Austrian Budget Gap „Only € 18.4bn“
The Austrian government has re-calculated the fiscal shortfall. Scheduled Bank aids come at € 5.8bn. There will be no austerity package, the government claims.
November 14, 2013
Austria: Budget Gap Smaller than Expected
The budget gap will, according to the latest reports, comes at an amount between € 21bn and 25bn until the year 2018. Earlier there had been talk of a shortfall amounting up to € 30bn to € 40bn.
November 13, 2013
BayernLB: “Hypo Not Willing to Pay“
Because of the legal dispute with Austrian problem bank Hypo Group Alpe Adria, former German parent company BayernLB announced not to increase its risk provision.
November 13, 2013
Crucial Days for Slovenia´s Government
Slovenia´s government has presented the 2014 budget to the Parliament. Prime Minister Alenka Bratusek has linked the approval to a vote of confidence. However, the budget approval is not the biggest risk factor for the ailing country.
November 13, 2013
Croatia: IMF as Last Exit
It is likely that the ailing country is seeking assistance from the IMF. Borrowing in 2014 is risky, Finance Minister Slavko Linic said.
November 11, 2013
Austria: Hypo Group Reason for Major Budget Gap
The ailing bank is a major cause for the massive Austrian budget deficit increase. According to reports, up to € 1.3bn will be required even this year.
November 11, 2013
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