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Budget Deficit

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

Serbia: Struggle for Central Bank Sharpens

After the resignation of governor Dejan Soskic, the EU warns Serbia of abolishing the independence of the Serbian Central Bank.

August 6, 2012

Moody´s Downgrades Slovenia

Today, the U.S. rating agency has downgraded the Western Balkan country by three notches to „Baa2“ from „A2“.

August 3, 2012

Budget Crisis: Serbia to Reduce Foreign Exchange Reserves

In order to mend Serbia´s budget hole, the government plans to amend the Central Bank law.

August 2, 2012

Austria: Guarantees Reach Half of Public Debt

Among EU members, only Ireland has more guarantees as a percentage of GDP.

July 30, 2012

Slovenian Banking Crisis Aggravates

This week, the rating agency Moody´s downgrades the three biggest banks of Slovenia. Slovenia is threatened of becoming a bail-out candidate.

July 27, 2012

IHS: Austria Grows Faster Than Eurozone

The Austrian Institute of Advanced Studies expects an average economic growth of 1.7% until 2017.

July 26, 2012

Poland as CESEE´s Locomotive

This year, the CESEE region should record a growth rate of 1.7%. However, the situation is highly different.

July 25, 2012

Rising Serbian Budget Deficit Causes Worries

This year, Serbia has to borrow € 4.2bn. A budget deficit of € 300m is forecasted in 2012.

July 24, 2012

Aiginger: „Feeding Banks Makes No Sense“

The director of WIFO (Austrian Institute of Economic Research) thinks that Spanish banks must be able to become insolvent.

July 24, 2012

IMF: Doubt on Hungary´s Economic Data

For the IMF, the budgetary forecasts are too optimistic. The negotiations on the € 15bn loan continue.

July 23, 2012
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