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Budget Deficit

Spindelegger: “Hypo Already Burdened Budget in Past”

The government has still not yet published figures in regard to the current fiscal burden emerging from the winding-up of problem bank Hypo Group Alpe Adria.

February 13, 2014

Slovenia Under Pressure Again

The International Monetary Fund calls Slovenia to cut public spending radically. The Slovenian government still refrains from unpopular decisions.

February 7, 2014

Romania Reaches Agreement With IMF

Romania has met the criteria to receive a stand-by agreement by the International Monetary Fund.

February 5, 2014

Criticism of Croatia´s Fiscal Policy

Next year, Croatia´s government wants to comply with the EU fiscal rules. According to economists, this aim is not realistic.

February 4, 2014

Bulgaria: IMF Puts Pressure on Government

The International Monetary Fund demands Bulgaria´s government to accelerate economic reforms.

February 3, 2014

Czech Republic: Euro Not Before 2020

Czech new Minister of Finance Andrej Babis thinks that the euro will not be introduced in the next few years.

February 3, 2014

Euro-Introduction: Cutting Debts Precondition for Poland

Finance Minister Mateusz Szczurek stressed that cutting debts was a key condition for Poland before it could be admitted to the single currency union.

January 29, 2014

“Croatia Going through Very Difficult Period“

The World Bank calls for structural reforms in the Western Balkan state.

January 27, 2014

S&P Keeps an Eye on Slovenian Banking Sector

The rating agency highlights the critical conditions of the Slovenian banking industry.

January 25, 2014

Romania´s President Opposes the IMF

Traian Basescu is strictly against imposing an additional tax on fuel. Whether Romania will achieve the budget target is highly uncertain.

January 24, 2014

Serbia: World Bank Delays Loan

The World Bank has delayed a loan in the amount of US-$ 250m for Serbia.

January 24, 2014

Austria: Debt Rate Rises Unstoppably

In the third quarter last year the Austrian public debt rate increased significantly compared to the previous quarter.

January 22, 2014

Austria Far from Reaching Fiscal Targets

Josef Moser, President of the Austrian Audit Court fears that the zero deficit cannot be achieved until 2016.

January 18, 2014

S&P Optimistic About Slovenia

The U.S. rating agency reiterated the Slovenian sovereign debt rating at A-. The outlook remains “stable”. S&P´s analysts consider Slovenia´s crisis management as adequate.

January 17, 2014

Audit Court Criticizes Austrian Government Sharply

Josef Moser, president of the Austrian Audit Court, has sharply criticized the government’s resolution.

January 17, 2014

Austria: What Happened to the Budget Gap?

The question remains even after the government was confirmed and the first tax package presented.

January 16, 2014

Czech Republic: Economic Growth Expected to Expand

The Czech Banking Association (CBA) has adjusted its economic forecast and expects a growth rate of 1.9 percent for the Czech economy this year.

January 14, 2014

Czech Fiscal Policy: Major Difficulties Ahead

Despite austerity measures, the Czech debt spiral was up considerably in the past years.

January 11, 2014

Czech Economy: Good Prospects for Sustainable Recovery

The Czech economy is expected to return to growth already in the first half of 2014. Growth will not be only based on exports.

January 10, 2014

Slovenia: 2014 Credit Line of € 7.7bn

On Thursday the Slovenian government adopted a budget financing plan which includes this year’s credit line of up to € 7.7bn.

January 10, 2014

Poland: Key Interest Rate to Remain Unchanged

As expected, the key interest rate will not be changed. According to Marek Belka, governor of the Polish National Bank (NBP), there was no need in monetary interventions.

January 9, 2014

Austria: First Tax Package to Be Presented

The Austrian government intends to present the first tax package tomorrow.

January 8, 2014

Hungary Amending Figures of Budget Deficit

Hungarian Finance and Economy Minister Mihaly Varga announced that the budget deficit of 2013 will be below the target after it was lowered dramatically.

January 8, 2014

Poland: On Path of Recovery and Growth

The Polish economy has been growing steadily since the beginning of 2013. However, budget deficit slightly exceeded forecasts.

January 7, 2014

Hypo Group Alpe Adria: „Bad Bank Will Come“

Klaus Liebscher, chairman of Hypo Group´s supervisory board, underlines that a bad bank will be established for the nationalized lender. Nevertheless, the bank remains the biggest financial disaster in Austria´s history.

January 4, 2014

Czech Budget Deficit Lower than Expected

In total, the Czech budget deficit will come at 2.0% of GDP. Before, the budget deficit was estimated to come at 3.4% of GDP.

January 4, 2014

Czech Economy to Return to Growth

After two years of GDP contraction, the Czech Republic will reach moderate economic growth rates in 2014.

January 2, 2014

Croatia: National Bank Forecasts Decent Growth in 2014

Private and public consumption are anticipated to shrink further. Nevertheless, Croatia is expected to return to growth next year.

December 31, 2013

Slovenia: Public Debt Grows Unstopped

For Slovenia, the banking sector has infected the public sector for a long time. Now, Slovenia´s public debt begins to reach a dangerous level.

December 30, 2013

Austrian Public Debt Reaches New High

The total size of public debt was never before so high. In the next years, the public debt ratio will come close to 80% of GDP.

December 30, 2013

Poland: Komorowski Approves Pension Reform

Poland´s President Bronislaw Komorowski has signed the nationalization act. However, he will send the law to the Constitutional Court.

December 28, 2013

Austria: Kapsch Delivers Warning to Policy-Makers

Georg Kapsch, President of the Federation of Austrian Industries (IV), is very cautious about economic growth in Austria and warns the policy-makers of a budget consolidation on the basis of expectations of growth.

December 27, 2013

Slovenia: PM Bratusek Confident About Tackling State Debts

Even though the country is expected to issue new state bonds next year to tackle state debts Prime Minister Alenka Bratusek suggested that Slovenia does not require loans immediately.

December 23, 2013

Austria: New Government Already Disappoints in the First Week

In 2014, Austria will not achieve its fiscal objectives, new Minister of Finance Michael Spindelegger admitted. Austria´s fiscal situation is observed critically. The country faces a new austerity package.

December 23, 2013

Bulgaria Still Below Pre-Crisis Level

The World Bank predicts that Bulgaria will not reach the pre-crisis level before 2008 in terms of GDP. Regarding Bulgaria´s fiscal situation, the country performs well, though.

December 20, 2013

Slovenia: Budget Shortfall Greater than Expected

As per the end of November the country’s budget deficit amounted to almost € 1.62bn, according to the latest estimates by the Finance Ministry.

December 20, 2013

Serbia: EU Accession Talks in January Fixed

Prime Minister Dacic considers results as “historic event” for Serbia.

December 18, 2013

Austria: Opening Balance Reveals Massive Mountain of Debt

Public debts exceed the federal assets by more than double the amount, as revealed by the opening balance published by outgoing Finance Minister Maria Fekter last weekend.

December 16, 2013

Poland: Budget Bill Approved by Lower House

On Friday, the Polish lower house Sejm approved next year’s budget bill which schedules the budget deficit of PLN 47.6bn not to be exceeded.

December 16, 2013

Bulgaria: S&P Downgrade Criticized Sharply

Bulgarian Minister of Economy Dragomir Stynev does not agree with S&P´s view on Bulgaria´s creditworthiness.

December 16, 2013

Poland: Budget Deficit Expected to Fall

In view of the accelerating economy, Poland´s fiscal shortfall will be smaller than initially projected, the rating agency Fitch states.

December 13, 2013

Austria: Spindelegger Replaces Fekter

The designated cabinet members were presented to the public today. Maria Fekter will not be a cabinet member anymore.

December 13, 2013

Hungary: Stable Outlook Yet Still Junk Status

In spite of Matolcsy, governor of the Hungarian National Bank (MNB), demanding a better rating for the country’s credibility, the major rating agencies have not raised them.

December 12, 2013

Croatia: EU Introduces Excessive Deficit Procedure

In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.

December 11, 2013

Slovakia Reverts Fiscal Strategy

The Slovak parliament has approved the government-authored corporate tax rate cut from 23% to 22%. Further cuts are expected to come.

December 10, 2013

Poland: Parliament Approves Nationalization of Pension Fund

Today, the Polish Lower House approved the controversial pension reform. With the reform, the Polish pension system will be partly re-nationalized.

December 10, 2013

Serbia: New Budget Turning Point for Economy

Next year’s draft budget is, according to Prime Minister Ivica Dacic the opportunity for a new beginning and a turning point in a responsible approach to running the Serbian economy.

December 9, 2013

Austria: Nowotny Warns of Choking off Economic Growth

The Austrian National Bank (OeNB) has slightly decreased this year’s economic growth from 0.5 percent to 0.4 percent. However, the recession of the past two years is over, the bank claims.

December 6, 2013

Faymann: “No Outstanding Issues That Cannot Be Solved“

In an interview with Austrian daily “Kurier“ Chancellor Werner Faymann rejects the idea of early elections and underlines that there were no unsolvable issues.

December 4, 2013

Spindelegger: Reforms Remain “Watchword“

Today Deputy Chancellor Michael Spindelegger has reported to President Heinz Fischer about “difficulties” in the coalition negotiations, as announced by Spindelegger publicly.

December 4, 2013