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Budget Deficit

Faymann: “Banks Should Pay for Hypo”

Austrian Chancellor Werner Faymann does not consider a new austerity package necessary despite of the threatening billions of Euros for the selling and winding-up of the ailing bank.

September 5, 2013

Slovenia: Recession Goes On

In the second quarter, Slovenia´s GDP was down by 1.7% year on year. This year, Slovenia´s GDP will fall by 3.0%, economists say.

September 2, 2013

Poland: Economy Begins to Accelerate

In the third quarter of 2013, Poland´s economy will grow by 1.0% year on year.

August 31, 2013

Czech Republic: Early Vote No Danger for Sovereign Debt Rating

The current instable political situation is no significant risk factor for the Czech rating yet, the U.S. rating agency Fitch says.

August 25, 2013

Fitch Cuts Outlook for Poland

Due to the change in Poland´s fiscal policy, the U.S. rating agency lowers the rating outlook for Poland from „positive“ to „stable“.

August 25, 2013

Turkey: Capital Outflow Endangers Economic Stability

The monetary and economic stability is under enormous pressure. Turkey´s National Bank does not have sufficient reserve to support the Turkish lira.

August 24, 2013

Poland: Budget Amendment Passed in Parliament

In order to adapt to the slow economic growth the government has amended the budet by permitting this year’s budget deficit to increase to PLN 16bn as well as approving PLN in spending cut, as announced at a press conferenced on Tuesday.

August 21, 2013

Turkey Wants to Stop Capital Outflow

The Turkish government plans to attract more investors. By lower taxes, foreign capital of Turkish nationals should come back to Turkey.

August 17, 2013

Slovenian PM Convinced Agreement on 2014 Budget Will Be Reached

Slovenian Prime Minister Alenka Bratusek is convinced an agreement will be reached regarding changes to the 2014 budget

August 13, 2013

Romania: Significant Drop in Purchase Power

General consumption climate is unfavorable in Europe at the moment.

August 12, 2013

Poland: Amendmends in 2013 Budget

Upper house approves law suspending fiscal restraints at 50 percent debt threshold

August 12, 2013

Commerzbank: Austria to Miss Budget Goals

Without a new austerity package, Austria will run up more debts than calculated in the bugdet plan, German Commerzbank says. The country’s AAA ratings are likely to decrease.

August 12, 2013

Slovenia: Stakes of at Least 80 Enterprises

The Slovenian state owns shares in at least 80 companies directly or indirectly.

August 8, 2013

Serbia: Public Debt Grows Unstopped

At end-March 2013, public debt of the Republic of Serbia4 amounted to EUR 19.4 bln, up by EUR 1.7 bln on end-2012.

August 7, 2013

Serbia: Moderate Upward Trend

In the first three months, Serbia´s GDP was up by 0.5%. However, domestic demand is still declining.

August 6, 2013

Slovenia: Economic Sentiment Stabilizes

This year, Slovenia will not be able to leave the recession behind. However, the economic sentiment begins to improve in some sectors.

August 5, 2013

Romania Initiates Structural Reforms

In order to receive a precautionary loan from the IMF, Romania´s government will implement a series of reform steps. Above all, Romania starts privatizations again. Romania´s economic outlook continues to brighten.

August 3, 2013

S&P: Croatia Downgraded Again

The rating agency puts the outlook on Croatia from „stable“ to „negative“. The rating remains unchanged.

August 2, 2013

Russia: Consumer Debt Grows Persistently

Russia´s Central Bank wants to stop the increasing debt servicing costs for Russian households.

August 2, 2013

Romania’s Economic Recovery Expected to Strengthen.

Staff teams from the International Monetary Fund (IMF), the European Commission (EC), and the World Bank visited Bucharest Romania during July 17–31.

August 1, 2013

Serbia: No Early Elections Despite of Break of Coalition

Dismissal of Finance Minister Mladjan Dinkic. URS is leaving the governmental alliance. Despite of a break of the coalition, there will be no early elections in Serbia.

July 31, 2013

Czech Republic: Unwilling to Join Eurozone?

In 2012, the country missed two out of four criteria for the introduction of the single currency. According to the statistical office it was the worst result in five years. It is not yet clear when the Czech Republic is ready to join the Eurozone.

July 31, 2013

Bulgaria: Danger of Policy Drifting

Bulgaria's fundamentals are strong but politics suggest policy drift.

July 31, 2013

Czech Republic to Remain in Recession

The Czech economy will, according to the Finance Ministry in Prague, shrink by 1.5 percent and only start growing again in 2014 by 0.8 percent.

July 26, 2013

Fekter: Debt reduction and tax reform are our absolute priorities

"We are on the right track"

July 25, 2013

Bulgarian Protests As Sign of New Understanding of Values

The great wave of protests in Bulgaria continues to sweep the country. Experts regard the demonstrations as a sign of a new understanding of values.

July 25, 2013

Poland: Opposition Calls for Parliamentary Inquiry

PiS chief opposition calls for parliamentary inquiry into public finances.

July 24, 2013

Austria: Economists Predict Rosy Days

The Austrian economy will be growing by 1.7 percent on an annual basis and is developing much better than the rest of the Eurozone, the Austrian Institute for Higher Studies (IHS) predicts.

July 24, 2013

Poland: Dispute Between NBP and Finance Ministry

Finance Minister Jacek Rostowski and Governor of Polish National Bank Marek Belka are blaming each other for the poor performance of Poland´s economy.

July 23, 2013

Orban: Not Joining Eurozone in the Next Ten Years

Hungary´s Prime Minister thinks that his country should not become a member of the euro area in the medium term.

July 23, 2013

Poland: Economic Trend Reversal Likely

In the 1st half of 2013, together with still unfavourable business tendencies on global markets, the economic slowdown maintained in Poland. However, forecasts give reason for cautious optimism..

July 23, 2013

Poland to Enter the Eurozone in the Medium Term

The biggest new EU member country will become a member of the Eurozone, political observers say unanimously. The only question is when.

July 23, 2013

Poland: Budget Deficit to Peak in 2013

This year, Poland´s budget deficit is expected to reach 4.4% of GDP. The country still has a stable public sector, Moody´s comments.

July 22, 2013

CESEE Countries Show More Fiscal Discipline

Euro area government debt up to 92.2% of GDP. EU27 debt up to 85.9%. The debt increase in Hungary, Poland, Bulgaria, Romania and the Baltic countries was very decent or even negative.

July 22, 2013

Hypo Group Needs Even More Money

The nationalized Austrian bank needs fresh funds of more than € 700m. For the Austrian taxpayers, the banking package becomes more and more costly.

July 21, 2013

Poland Tries to Manage Fiscal Balancing Act

On the one hand, Poland´s government wants to keep an eye on the Maastricht Criteria. On the other hand, the economic growth would shrink even more without a fiscal stimulus.

July 18, 2013

Turkey Considers Economic Re-Orientation

The Turkish government wants to shift its economic focus from Europe to Asia.

July 18, 2013

IMF to Leave Hungary

Hungary´s National Bank MNB has called the IMF to close its representative office. Hungary wants to repay the loan facility provided by the IMF soon.

July 16, 2013

Czech Republic: Gloomy Prospects for Economy

The Czech economy is shrinking. According to experts, new Prime Minister Jiri Rusnok will not be able to change much. Enterprises have started to cut back on investments.

July 12, 2013

Fekter: Capital Aids for Hypo Included in Next Budgets

Finance Minister Maria Fekter sticks to it: „We will reach a zero deficit in 2016 and have a slight surplus in 2017,”she announced during the presentation of the economic report 2013 on Wednesday.

July 11, 2013

Austria: Rumors about Fekter Resigning as Finance Minister after Elections

Will Fekter become President of the National Council after the elections? In government circles speculations are circling about Finance Minister Fekter quitting her post as after the national elections in September.

July 10, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

Fekter: Eurozone More Stable Than A Year Ago

Austrian Finance Minister Maria Fekter has described the condition of the Eurozone as “better” than compared to a year ago.

July 9, 2013

CEE Slowly Escapes Economic Crisis

Slovenia, Croatia and the Czech Republic have slipped into recession. Experts are particularly worried about the newest EU member.

July 4, 2013

Moody’s: Turmoils In Bulgaria Will Not Affect Fiscal Stability

According to rating agency Moody's, the ongoing political turmoil in Bulgaria is not expected to negatively affect the country's fiscal stability.

July 4, 2013

Hypo Group: CESEE Units to be Sold Until Mid-2015

The threatened compulsory sale of nationalized Hypo Alpe Adria Group by the EU Commission until the end of this year, was, according to information by the Finance Ministry, fended off. An additional burden of € 2bn might await the Austrian taxpayers.

July 1, 2013

Crisis in Slovenia Might Take Longer Than Expected

According to the latest economic report by auditing firm Ernst&Young;, the financial crisis in Slovenia will take longer than expected beforehand. However, the country should still be able to avoid international bailout.

July 1, 2013

Austrian Coalition to Take Stock of Legislative Period

In a joint interview with several leading Austrian newspapers, Austrian Chancellor Werner Faymann and Deputy Chancellor and Foreign Minister Michael Spindelegger take stock of the legislative period so far.

June 28, 2013

Latvia Joining The Eurozone As 18th Member

Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.

June 28, 2013

Austrian Public Debt to Rise Further

Quarterly government debt first quarter 2013: € 231.6bn or 74.2 % of GDP.

June 28, 2013
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