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Budget Deficit

Hungary: Orban Underlines National Sovereignty

On the occasion of Hungary´s national holiday, Prime Minister Viktor Orban stressed the importance of values. The high public debt limits Hungary´s effective sovereignty, however.

October 24, 2013

Croatia: 2012 Budget Deficit Revised

Because of the different EU methodology, Croatia had to revise its budget gap. The fiscal situation remains critical.

October 23, 2013

Austria: Bank Aids Burden State Budget

Since the beginning of the financial crisis, Austria has lost billions of Euros.

October 22, 2013

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

Romania and Bulgaria Have Lowest Debt Ratios

With a public debt to GDP ratio of 18.5%, Bulgaria has the second lowest public debt quota in the EU.

October 21, 2013

Austria: State Debts Could Amount to 74.5 Percent of GDP

The statistical office of the European Union, Eurostat, raised doubts about the Austrian budget deficit and public debts because of the financial scandal of the government of the province of Salzburg.

October 21, 2013

Slovakia: New Burden for Insurance Industry

The Slovak government extends special taxes for companies operating regulated sectors. The bank tax will be abolished in the course of the next years.

October 21, 2013

Croatia: EU-Membership Did Not Help Yet

In the first months of its EU membership, the situation in Croatia´s industrial sector deteriorated further.

October 19, 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

IMF: Hungary´s Fiscal Situation Deteriorates

According to the IMF, Hungary´s public debt quota will increase. This stands in opposition to the optimistic forecasts of the government.

October 15, 2013

Hungary: Borrowing Costs Decline

Yields on Hungarian sovereign bonds reached an all-time low. However, a rebound in 2014 is rather probable.

October 12, 2013

Federation of Austrian Industries Urges for Reforms

IV (Federation of Austrian Industries) has high hopes. The next Austrian government has to implement a number of reforms, IV´s President Georg Kapsch says.

October 12, 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

Slovenia Cannot Escape the Vicious Circle

Slovenia still aims to manage its banking crisis on its own. After the new economic forecast issued by Slovenia´s National Bank, this aim suffers another setback.

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

Bratusek: “We Are Paying for Your Debts”

On Tuesday Slovenian Prime Minister Alenka Bratusek presented the budget draft for 2014 and 2015 to the members of parliament.

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

Fekter Presses for Provisional Budget Financing

Finance Minister Maria Fekter (ÖVP) does not count on the government to present a budget draft in time, which was scheduled October 22 and involves the Finance Act until the end of the year.

October 8, 2013

Bulgaria Takes out Schuldschein Note Loan via German Banks

The Bulgarian government has decided to take out a Schuldschein note loan in the amount of € 360m through German banks, media reports claim.

October 7, 2013

Hungary´s Government: Budget Draft “Risky”

This week, Hungary´s government has submitted the budget draft to the Hungarian Parliament. The basic assumptions are rather optimistic.

October 5, 2013

Keuschnigg Advises Austria to be Patient

According to Keuschnigg it was not possible to increase the core capital quota of the banks to the level necessary or to reduce public debts by 120 percent in two years only.

October 4, 2013

Moody’s Honors Austrian Banks in CESEE

Only a year ago, the rating agency downgraded Austria because of its banks’ engagement in Eastern Europe. However, the situation has changed to the better.

October 3, 2013

Austria: Better off within Eurozone

Economic experts claim that since the beginning of the single currency union, Austria has seen an additional economic growth of 0.4 percent. According to them, a collapse of the Eurozone would lead to a massive decline in exports.

October 2, 2013

Croatia Tries to Avoid Bail-Out by IMF

The 28th EU member country has severe fiscal problems. In order to avoid the IMF, Croatia borrows about $ 1.5bn on the U.S. market.

October 2, 2013

Slovenia: Asset Quality Deteriorates Rapidly

The government of the financially stricken country comes more and more under pressure. In meantime, about 17% of the Slovenian loans are classified as “risky”.

October 1, 2013

Hungary: Budget Deficit Higher Than Planned

In the first half of 2013, Hungary´s preliminary deficit came at 2.6% of GDP. The government anticipates that the deficit will not exceed 3.0% of GDP this year.

October 1, 2013

Poland´s Budget Gap Narrows

The Polish government has approved the final budget draft for 2014.

October 1, 2013

Slovenian Government to Approve Adjusted Budget

The Slovenian government today plans on implementing the revised budget for next year and the draft for the 2015 budget.

September 30, 2013

Hypo Group: Sale of Assets in SEE to Take Forms

The nationalized Austrian bank Hypo Group sells its assets in Southeastern Europe. The SEE-holding company will be established until the beginning of October.

September 29, 2013

Poland: Pension Scheme Reform to be Eased

At the beginning of September, Poland´s government decided to re-nationalize the pension system. Now, the government considers relativizing the reform.

September 28, 2013

Hungary is Seeking New Creditors

The Hungarian public debt agency AKK intends to sell more sovereign bonds in Asia. Compared to other European countries, Hungary´s debt burden causes severe difficulties.

September 27, 2013

Croatia Plans on Increasing VAT by Three Percent

Croatia eyes increased intermediate VAT from 10 to 13%.

September 27, 2013

Slovakia: Economic Upward Trend Supports Fiscal Targets

After six consecutive quarters of economic deceleration, Slovakia faces better economic data. The positive trend helps Slovakia´s government.

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

Croatia: Fiscal Situation Deteriorates Further

Due to the weak economy, the budget gap will increase. The end of the recession is still uncertain.

September 26, 2013

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

Poland: Budget for 2014 Realistic

According to Witold Kozinski, Deputy Govenor of the National Bank of Poland (NBP), the budget plan for 2014 is “realistic” and the risk of amendmends to the budget minimal.

September 23, 2013

Slovenia in a Decisive Phase

According to Bostjan Jazbec, Govenor of the Bank of Slovenia, the coming weeks will be critical for the small Eurozone member country.

September 23, 2013

Fitch: Croatia Cut to Junk Status

Due to the fiscal situation, Fitch cuts the credit rating of the newest EU member country. The economic frame conditions do not leave enough room for reducing the public debt level, Fitch argues.

September 21, 2013

Slovenia: First Budget Surplus in 2013

For the first time this year, Slovenia shows a budget surplus of € 15m. However, the deficit of the first eight months is as high as € 1.3bn, according to data by the Finance Ministry.

September 20, 2013

Slovenia: Privatization Program to Boost FDI?

The government of the financially ailing country is forced to privatize a substantial part of the publicly held companies. Prime Minister Bratusek hopes foreign direct investments to increase.

September 20, 2013

Wifo: Economy Remains Competitive Despite High Wages

Head of Wifo (Austrian Institute for Economic Research), Karl Aiginger, calls for a change of views in economic policy as competitiveness is more than just low costs.

September 18, 2013

Austria: ÖVP Rejects Tax Reforms by Social Democrats

Chancellor and Leader of the Social Democrats Werner Faymann is in favor of lower taxes on wages. His model includes reliefs of up to € 1,011 annually. However, coalition partner, the Austrian People’s Party (ÖVP) rejects the plans.

September 18, 2013

IHS/WIFO: Austrian Hypo Group Needs Bad Bank

Christian Keuschnigg and Karl Aiginger claim that the nationalized Austrian bank should be split into a “good” and a “bad” part. Austria´s public debt would increase substantially.

September 16, 2013

Slovenia: Bankruptcy Without ECB/ESM?

Without external aid, Slovenia will not manage its severe financial crisis, experts say. A bail-out becomes more likely.

September 15, 2013

Austria Must Implement Liquidation Mechanism for Banks

In order to minimize fiscal losses, Austrian problem banks should be liquidates soon, IMF claims. In this case, Austria would not reach its fiscal targets in the next years.

September 13, 2013

Austria: IMF Pushes for Tax Reform

The International Monetary Fund recommends re-considering the tax system. The Austrian wage taxes are too high, IMF criticizes.

September 13, 2013

Poland: Government Gives Green Light to Budget Draft

The Polish Government has approved the budget plan for 2014 with the deficit gap closing further after a refurbishment of the private pension system.

September 9, 2013

Poland: Re-Nationalization of Pension Scheme

Poland takes back the partial privatization of pension system. The re-nationalization does not affect Poland´s sovereign debt rating.

September 7, 2013