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Budget Deficit

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

Austrian Government Hid Enormous Fiscal Shortfall

In the next five years, Austria´s fiscal shortfall may total up to € 40bn. The Austrian government did not disclose details yet.

November 8, 2013

Croatia Under Brussel´s Observation

The new EU member country fights against a number of economic problems. Now, the EU-Commission considers starting an excessive deficit procedure.

November 7, 2013

Romania: Growth Rates to Exceed Forecasts

According to the autumn forecast published by the EU Commission on Tuesday, Romania will exceed the previous estimates.

November 6, 2013

Austria: New Austerity Package to Come?

Austrian economists expect that the new government will draft another austerity package. Otherwise the fiscal objectives will not be achieved.

November 6, 2013

Hypo Group: Restraining Effect on Budget Consolidation

According to the EU’s autumn prognosis, nationalized Hypo Group and its liabilities running in the billions still have a restraining effect on the Austrian budget consolidation.

November 5, 2013

Slovakia Imposes Tax on Tax Evasion

In order to reduce the capital outflow, Slovakia imposes a 35% tax rate on transactions to tax havens.

November 4, 2013

Croatia: Excessive Deficit Procedure Ahead

Neither in 2013 nor in 2014, Croatia will achieve a budget deficit below 3.0% of GDP.

November 4, 2013

Czech Budget Deficit to Remain Below Approved Mark

The budget deficit in the Czech Republic increased to CZK 47.7bn in October from CZK 38.2bn in September.

November 4, 2013

Slovenia´s Government Hopes for More FDI

In order to promote more foreign direct investments, Prime Minister Alenka Bratusek plans to hold investment conferences across Europe.

November 1, 2013

“Property Tax Cannot Finance Wage Tax Cut”

Bernhard Felderer, head of the Austrian public debt committee, stresses that the Austrian government must reduce the public debt level as soon as possible.

October 31, 2013

Romania: Budget Gap Revised

In 2013, Romania´s fiscal shortfall is projected to reach 2.5% of GDP.

October 31, 2013

IMF on Slovenia: “Cleaning Up Banks is the Priority”

The IMF urges Slovenia to restructure its ailing banking sector. Slovenia faces expensive bank aid-programs.

October 29, 2013

Banking Sector: Pressure on Slovenia Grows

The IMF calls Slovenia to re-capitalize the banking sector immediately. However, Slovenia´s financial situation is already more than tense.

October 29, 2013

Hungary: Junk Rating Remains

S&P has reiterated Hungary´s sovereign debt rating. Further cuts are not unlikely.

October 28, 2013

Poland: T-Bonds not to Affect Budget Deficit

According to GUS, next year’s budget deficit will not be impaired by the transfer of treasury bonds and other assets.

October 28, 2013

S&P Warns of Further Downgrade

The rating agency has kept the “AA+” rating. However, Austria has to put more effort into austerity measures, the rating agency stresses.

October 26, 2013

Hypo Group: Worst Expectations May be Exceeded

For the Austrian state, the ailing nationalized banking group may become a financial GSA. The legal dispute with the former owner BayernLB bears enormous dangers for Austria´s public finance.

October 25, 2013
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