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Budget Deficit
Czech National Bank Expects More Interest Rate Cuts
The governor of the Czech National Bank Miroslav Singer explained that the monetary easing program will continue.
September 27, 2012
Poland Continues Austerity Program
Today, the Polish Ministry of Finance has issued the government´s final budget bill for next year. The budget deficit is estimated to shrink slightly. Poland´s GDP Expected to Grow by 2.2% in 2013.
September 27, 2012
Slovenia “No Bail-Out Candidate”
Slovenia ´s former Prime Minister Anton Rop is optimistic that the country will manage the crisis.
September 27, 2012
Serbia Asks China for Loan
The Serbian Minister of Finance Mladjan Dinkic asked the Chinese Exim Bank for a € 850m loan in order to realize construction projects. IMF is not satisfied with Serbia´s austerity policies yet.
September 26, 2012
Dacic: „Reforms, Attracting Investments and Starting EU Integration“
The Serbia Prime Minister Ivica Dacic underlined that the government will implement reforms in order to stop the economic crisis.
September 26, 2012
Austria´s Finance Minister Delighted at Positive Moody's Rating
Maria Fekter: “Our Triple A confirms the reform path we have embarked upon.”
September 26, 2012
Public Debt: New EU Members Are More Flexible
Compared to old EU member states, the new member states have more fiscal leeway to overcome the crisis.
September 24, 2012
Serbia Attempts to Stop Rise in Public Debt
The Serbian government aims to achieve a balanced buget in 2014. Austerity measures should be sharpened.
September 22, 2012
Serbia to Privatize Publicly Held Companies
In order to reduce the budget deficit, the Serbian Minister of Finance Mladjan Dinkic plans to sell a part of the state-owned companies.
September 22, 2012
Slovenia Creates Bad Bank
The Slovenian government aims to lower risky assets of the financially stricken banking sector. A major capital increase may be necessary.
September 21, 2012
Croatia Wants to Join the Eurozone
In July 2013, Croatia becomes the 28th member of the EU. After the accession, the Croatia should join the Eurozone too, the government says.
September 19, 2012
Austrian Budget: One Third for Pensions and Interest Spending
The Austrian Audit Court published a report on the budgetary situation today. Last year, expenses “for the past” already came at € 24bn.
September 19, 2012
Czech Public Debt Growing Rapidly
Until the end of the year, public debt is expected to increase to € 63.77bn. At the end of 2011, the public debt level came at € 58.5bn.
September 14, 2012
Czech Republic Threatened of Downgrade
Because of its instable political situation, the Czech Republic may be downgraded. Debt service costs may increase substantially.
September 14, 2012
Hungary: Difficult Negotiations with IMF
The relation between Hungary´s Prime Minister and IMF is chronically tensioned. Another delay of the conclusions of the negotiations is likely.
September 12, 2012
Polish Public Debt Quota to Decrease
Although the planned budget deficit will not be met this year, Poland´s Finance Minister Jacek Rostowski expects a declining public debt quota.
September 12, 2012
Serbia Lifts VAT Rate
In order to prevent the national bankruptcy, the Serbian government raises the VAT by two percentage points.
September 11, 2012
Moody´s: Poland Still Has Strong Credit Profile
Despite the economic slowdown, Poland´s credit profile remains robust, Moody´s Assistant Vice President Jaime Reusche told PAP.
September 11, 2012
Kapsch Against Excluding Greece
The President of the Federation of Austrian Industries (IV) thinks that the Austrian pension system shows a substantial savings potential.
September 10, 2012
Austerity Package: Czech Government Asks for Vote of Confidence
After the austerity package was disapproved by the Czech Parliament, the government resubmits the bill to the Chamber of Deputies.
September 10, 2012
Temporary Surplus in Serbia´s Budget
Due to the VAT intake, Serbia faced a budget surplus in July. In June, Serbia recorded a massive deficit.
September 8, 2012
Czech Republic: No VAT Increase
The governing coalition failed in seeking approval by the parliament. In order to lower the budget deficit, the government intended to lift the VAT rates.
September 7, 2012
Lithuania´s Rating Confirmed
The rating agency Standard & Poor´s (S&P) kept Lithuania´s sovereign debt rating at BBB.
September 7, 2012
Slovakia Records Growing Current Account Surplus
In the first five months of 2012, Slovakia´s current account surplus reached € 1.24bn. Against the reference period of 2011, this is an increase by € 350m.
September 4, 2012
Czech VAT Increase to be Resolved
The Czech government wants to increase the tax intake by € 1.0bn. Economists warn of a deepening of the recession.
September 4, 2012
Slovakia: Budget Deficit Reached € 2.67bn
In August, Slovakia´s budget shortfall increased to € 2.675bn from € 2.239bn in July.
September 4, 2012
Slovenia: “Danger for Austrian Banks is Limited”
Although Austria would be most affected by a Slovenian national bankruptcy, the likeliness of this scenario is rather low, analysts say.
September 3, 2012
Slovenian Bankruptcy Would Hit Austria Particularly Hard
Prime Minister Janez Jansa announced that Slovenia may have to declare its national bankruptcy in October. Austria´s share in foreign direct investment made in Slovenia reaches about 50%.
September 3, 2012
IMF: Austria Must Prevent Spillover Effects
The Executive Board of the International Monetary Fund (IMF) has concluded the Article IV consultation with Austria. The Austrian banking sector is “overly ambitious” in the CESEE region, IMF says.
September 3, 2012
Bank Union: Austrian Banking Industry Cautious
European Forum Alpbach: In mid-September, the EU Commission will present its plans regarding the bank union. The bank union should not be implemented too fast, the Austrian Financial Market Authority says.
September 1, 2012
Romania Still Shows Weak Growth Rates
“We expect economic recovery to remain sluggish. Weak external demand suggests exports and industry would not offer support to GDP growth. “ RCB (Raiffeisen Centrobank) says.
August 31, 2012
Slovenia in a Vicious Circle
Slovenia´s Prime Minister Janez Jansa warns that his country may has to announce its national bankruptcy in October.
August 31, 2012
Barroso: “We Must Complete Europe” (Part 2)
At the Alpbach Economic Symposium 2012, the President of the EU-Commission José Manuel Barroso explained the “logics of integration”. In order to meet new challenges, the EU has to promote integration, Barroso says.
August 30, 2012
Austrian Budget Targets “Will be Met”
According to Austria´s Finance Minister Maria Fekter, Austria´s budget deficit will be below 3.0% of GDP. “Our domestic fiscal position is very strong now”. she underlines.
August 30, 2012
Serbian Government Tries Act of Liberation
Serbia´s economy weakens, the outlook is negative. Even a bankruptcy is not excluded anymore.
August 29, 2012
Serbians Push Government for Reforms
The support for an EU membership has fallen below 50%. However, more Serbians call for economic and social reforms.
August 27, 2012
Majority of Poles Against Joining Eurozone
About 58% of the Polish citiczens are against the introduction of the euro, TNS Polska reports. Only 12% think that joining the Eurozone would be good for Poland´s economy.
August 24, 2012
Orban Underlines Success of Hungarian Crisis Management
Hungary´s Prime Minister Viktor Orban wants to lower the public debt quota further. Hungary´s recession would be due to the weak Eurozone, he says. Orban forgot to mention some details, however.
August 24, 2012
S&P Confirms Czech Rating
The U.S. rating agency retained the rating for the Rczech Republic.
August 24, 2012
Bulgaria Installs Debt Brake
The Bulgarian Ministry of Finance prepared a new Public Finances Act. The budget deficit must not exceed 2.0% of GDP.
August 22, 2012
Czech VAT to Increase
In order to increase public revenues, the Czech government may increase value added taxes.
August 21, 2012
Slovakia Aims to Lower Budget Deficit Below 3.0% of GDP
The Slovakian government presented the draft state budget for 2013. The budget deficit should not exceed 2.9% of GDP, the Finance Ministry announced.
August 21, 2012
Hungary´s Public Debt Decreasing
Due to the weak euro, Hungary´s public debt quota decreased by 1.3% percentage points within only one quarter.
August 20, 2012
Does the Euro Collapse Now? (Part 2)
The nervousness among Europe´s leaders is growing. Not only Finland warns of a breakdown.
August 18, 2012
Poland Does Not Expect Recession in 2013
The Polish Minister of Finance Jacek Rostowski explained that the Polish economy will grow by 2.5% this year.
August 18, 2012
Poland´s Deficit Target in Danger
The Polish government may fail the 3.0% deficit target in 2012. Above all, the economic slowdown is a risk factor.
August 17, 2012
Hungary Faces Recession Again
In the second quarter of 2012, Hungary´s GDP was dwon by 0.2%. The decrease in exports is the main reason.
August 16, 2012
Slovakia Fights Against Budget Deficit
In order to comply with the EU Stability Pact, Slovakia needs to cut public expenses by € 630m.
August 16, 2012
Slovenia to Establish a Bad Bank
The Slovenian government wants to support the financially stricken banking sector. Risky assets should be outsourced to separate banks.
August 14, 2012
Croatia: Crisis Sharpens
The Croatian recession seems to continue. Consumption falls further, unemployment continues to rise.
August 7, 2012
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