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Fiscal Policy
WKO Rejects Further Financial Burdens for Banks
According to the Austrian Chamber of Commerce (WKO), the financial burdens of banking institutes in Austria are significantly higher than those of their competitors in other EU member states.
January 29, 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
Austria: Government Makes € 1bn for Hypo Group Available in Budget
Nationalized problem bank Hypo Group Alpe Adria has listed a need for state subsidies in the amount between € 400m and € 900m in this year’s downsizing plan.
January 29, 2014
Austria: IHS Against Bank Levy
Christian Keuschnigg, director of the Austrian economic research institute IHS stresses that the bank resolution funds would replace the bank levy.
January 28, 2014
Austria: Opposition Presses for Information
The Austrian Greens demand information in regard to problem bank Hypo Group Alpe Adria.
January 28, 2014
OECD Shows Great Concern over Hungarian Economy
According to the OECD, the country’s recovery from recession will be weak in 2014 and 2015
January 27, 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
Poland: More than Half of Borrowing Needs Covered
In CESEE, governments are in a hurry. The Polish government announced that about 50% of the borrowing needs could be covered in the first three weeks of 2014.
January 24, 2014
Poland: Banking Sentiment Rises
The Polish banking sentiment indicator Pengab increased by 1.2 points in January on a month-on-month comparison basis to a total of 27.5 points.
January 23, 2014
Hypo Group: Decision Within First Quarter of 2014
The long-awaited meeting between the government and Hypo Group’s taskforce has been fixed to find a solution of the Austrian problem bank. The option of a bank participation is still on top of the list.
January 23, 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
Austrian Bank Levy: “Penalty Gone Wild”
On the basis of a new method of calculation around € 90m more in bank levy should be generated compared to the previous year.
January 22, 2014
Slovenian Economy to Shrink “Only” 2 Percent
According to the ERBD’s (European Bank for Reconstruction and Development) revision, Slovenia’s economy will shrink “only” 2 percent up from a 2.5 contraction of GDP which was forecast in November.
January 22, 2014
„Only A Catastrophy Will Bring a Change“
Bestselling author Marc Friedrich criticizes the IMF sharply and thinks that the Basel III framework is “ridiculous”. The U.S. monetary policy is “doomed to failure”.
January 21, 2014
Spindelegger Met Almunia: „Bank Aids Were No Issue“
Today, Austrian Minister of Finance Michael Spindelegger has met Commissioner for competition Joaquin Almunia.
January 20, 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
Bank Levy: Austrian Regional Banks Under High Pressure
The Austrian government will raise the bank levy significantly. Smaller banks have to perform disproportionately high taxes, Oberbank´s CEO Franz Gasselsberger says.
January 16, 2014
Poland Added in IMF´s Watch List
According to the International Monetary Fund, Poland is one out of four new countries which are systemically important in terms of crisis management.
January 16, 2014
Hypo Group: No Alternative to Bad Bank
The time pressure on the Austrian government is growing day by day. The nationalized Austrian problem bank urgently needs a bad bank.
January 14, 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
Poland to Cover Borrowing Needs Early
The biggest CESEE economy wants to raise cash before the U.S. FED begins to reduce its asset buying program. The CESEE region will absorb the monetary shock, though.
January 13, 2014
Austrian Budget Planning to be Completed in May
The six groups in the National Assembley have agreed to the parliamentary plan for the first half year of 2014.
January 13, 2014
Austria: VBAG Not to Receive Further Aids
Ailing banking institute VBAG of the Austrian Volksbanken Group will not be granted further state aids.
January 13, 2014
Czech Fiscal Policy: Major Difficulties Ahead
Despite austerity measures, the Czech debt spiral was up considerably in the past years.
January 11, 2014
Austria: Significant Increase in Bank Levy
In 2014, the bank levy is expected to increase substantially. Austrian banks regard the levy as massive competitive disadvantage.
January 10, 2014
Hungary: Erste Group Confident
The third-largest lender in CESEE underlined that the Hungarian subsidiary will not be sold. The Austrian bank is confident to reach the turnaround soon.
January 6, 2014
First Offer for RBI´s Hungarian Subsidiary
The partly nationalized Hungarian lender Szechenyi Bank is interested in the Hungarian subsidiaries of the Austrian banks Erste Group and Raiffeisen Bank International.
January 6, 2014
European Savers in Danger
Already this year, savers in the Eurozone may fear a compulsory tax on deposits, the Danish Saxo Bank says.
January 4, 2014
Slovenia: More Resistance Against Real Estate Tax
On Friday a second petition was filed at the Constitutional Court against the property tax.
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
„Such Growth Rates Will not Return“
In an interview with the Austrian daily “Presse”, economist Karl Aiginger explains that the worst should be over. The reform pressure on the Austrian government is enormous.
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
Hungary: Best Economic Outlook since 2002
After the country had left the double-dip recession, the Hungarian economic sentiment index has reached the highest level in more than 11 years. Nevertheless, the country still has to manage number of fundamental risks.
December 28, 2013
Czech Republic: Babis Claims Finance Ministry
Andrej Babis, head of the second-largest Czech party, wants to become Minister of Finance. The Czechs face a new austerity package.
December 28, 2013
Croatia Needs Major Bridge Loan
In order to cover its fiscal shortfall, the youngest EU member country takes a bridge loan in the amount of € 200m.
December 28, 2013
VBAG: Further State Aids Questionable
The governing Austrian social democrats (SPÖ) are against providing further funds to the partly nationalized banking group.
December 26, 2013
Austrian and Germans Offered Most for Bulgarian Schuldschein
Average interest rates for Bulgarian Schuldschein loan range between 3.4 to 4.6 percent. Austrian and German investors offered most of the € 290m loan.
December 23, 2013
„No Debt-Backed Tax Reform“
Austrian Finance Minister Michael Spindelegger underlines that Austria has to put more effort into fiscal consolidation measures.
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
CESEE: Dependence on Foreign Demand Remains Main Obstacle
In 2014, Central, Eastern and Southeastern Europe (CESEE) faces a slight upward trend. The structural difficulties persist, however.
December 21, 2013
Rothensteiner: Austrian Sovereign Debt Rating Includes Bank Bail-Out
Unlike the rating agency Moody´s, head of RZB (Raiffeisen Zentralbank) Walter Rothensteiner thinks that the Austrian sovereign debt rating is not endangered by the nationalized banking sector.
December 20, 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
Banking Union Completed
The Finance Ministers of the Eurozone have reached a compromise on the last pillar of the banking union. The deposit protection mechanism will come into power in 2015.
December 19, 2013
Serbia: EU Accession Talks in January Fixed
Prime Minister Dacic considers results as “historic event” for Serbia.
December 18, 2013
Hypo Group Insolvency: Total Damage of € 26bn
Ewald Nowotny, governor of the Austrian National Bank (OeNB), warns of follow-up costs in case of a bankruptcy of the Austrian nationalized lender.
December 17, 2013
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