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Fiscal Policy

Bulgaria: Danger of Policy Drifting

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

July 31, 2013

Slovenia: Economy to Shrink Despite of Austerity Measures

Slovenian economy expected to contract 2.2 percent in 2013. Prior forecast: -1.9 percent.

July 26, 2013

Austria: First Tax Tranche from Switzerland Transferred

The first tranche of the tax agreement between Austria and Switzerland in the amount of € 416.7m was transferred. Fekter considers it “a great success for Austria and the taxpayers”.

July 25, 2013

Poland: Opposition Calls for Parliamentary Inquiry

PiS chief opposition calls for parliamentary inquiry into public finances.

July 24, 2013

Bulgaria: Protests About to Escalate

Heavy clashes between protestors and policemen in Bulgaria´s capital Sofia are endangering the political stability.

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

Hungary Plans New Burden for Banks

Hungarian households are still over-indebted. Prime Minister Viktor Orban aims to help them on the expense of the banking sector.

July 23, 2013

Croatia Receives Major Loan from EIB

The European Investment Bank grants a € 250m loan for the new EU member.

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

Austria Suffers from Company Exodus

Due to the relocation of businesses, the Austrian state has lost tax intake of € 1.3bn since 2008. The Austrian group taxation model must not be abolished experts of the Austrian Ministry of Finance say.

July 22, 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

Federation of Austrian Industry Defends Group Taxation

The Federation of Austrian Industry (IV) argues that the Austrian business location would be endangered without the group taxation.

July 20, 2013

NBP Wants Government to Adapt Budget

After the Polish government has announced to postpone its austerity plans, the National Bank of Poland calls the government to submit an updated fiscal outlook.

July 19, 2013

Austrian Audit Court Criticizes Group Taxation

The costs of the Austrian group taxation model total about € 450m, the Audit Court said in a current report.

July 19, 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

Polish Government to Leave Austerity Path

In order to boost Poland´s economic growth, the government wants to ease the fiscal discipline.

July 17, 2013

Russia Only Posts Moderate Growth Rates

Russian economists forecast that the Russian GDP will grow by 1.6% this year. This is substantially below the growth rate of 2012.

July 16, 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

Poland: NBP Downgrades Forecasts for GDP and CPI

The National Bank of Poland (NBP) downgrades GDP and CPI forecasts over next two years.

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

Slovenia: Trying to Make a Difference

The crisis measures approved by Brussels are partially starting to make an impact. Since July 1, the higher tax rate of 22 percent is binding. However, the country does much more than just raise taxes.

July 3, 2013

Hypo Group: CEO Kranebitter Steps Back

Kranebitter announced to stay until the half-year accounts are published. On Monday it became known that the ailing bank will in all likelihood require more state aid than planned.

July 2, 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

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

Slovenia Likely To Require Bailout

According to Capital Economics Ltd. Slovenia will in all likelyhood ask for a bailout to bolster its ailing banking sector in case the debt crisis in Europe should worsen.

June 28, 2013

Leitl: „Austrian Enterprises Need Further Growth Impulses“

The Austrian Chamber of Commerce (WKO) commits to budget consolidation but growth is the basis for a balanced state budget.

June 27, 2013

Hungary: New Tax for Banks

According to a legislative proposal by Economy Minister Varga, banks would have to face a further burden of around € 250m.

June 27, 2013

Fekter: "1.76 Billion Repayment by Erste Bank is Good News for Taxpayers"

Thanks given to Erste Bank for repayment of EUR 1.76 billion in participation capital

June 25, 2013

Slovenia Expects Economic Recovery As Soon As 2014

On Saturday, the Slovenian Finance Ministry expressed its confidence that the newly adopted action plan would help stabilize public finances and help gain economic recovery despite of Fitch’s downgrade.

June 24, 2013

Hungary: Taxes to Be Raised

Shortly before the parliamentary summer recess taxes were raised by the government of Viktor Orban.

June 18, 2013

Croatia’s EU Accession as a Chance For Austria

Soon, there are more than 1,000 Austrian businesses operating in Croatia and the volume of trade is supposed to increase.

June 18, 2013

Protests in Bulgaria

Almost two weeks after the assumption of office of the new Bulgarian government, demonstrators have once more demanded the resignation of the predominantly socialist cabinet.

June 17, 2013

Greece: Public Broadcast Station Shut Down

Greece has pulled the plug for the public broadcast station ERT yesterday.

June 12, 2013

EU Abandons Quarterly Reports

Listed enterprises in the European Union do not have to present quarterly reports from 2015 on.

June 12, 2013

Moody's: Overall Fiscal Situation In CEE Is Improving

Because of austerity measures in most of the countries, the economic situation is slowly but steadily improving.However, the latest competitiveness report pains a bleak picture of the future.

June 7, 2013

Romania: Erste Forecasts Economic Growth at 1.8 Percent

Erste keeps Romania's economic growth forecast for 2013 unchanged at 1.8 %.

June 3, 2013

Czech Repubic to Restrict Budget Cuts

To boost domestic economy, the Finance Ministry announced to temporarily restrict budget cuts.

May 31, 2013

Hungary: EDP to Be Dropped.

Hungary can count on the termination of the Excessive Deficit Procedure (EDP) by the European Union.

May 27, 2013

Commission Welcomes Slovenia’s Commitment

The EU Commission approved of Slovenia’s adoption of a balanced budget rule on Friday last week.

May 27, 2013

Slovenia: Huge Cuts in Complementary Budget

Foreign Ministry might be closed down since a 20 percent cut is proposed.

May 24, 2013

Slovenia: Fiscal Rule to Be Introduced in 2015

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

May 23, 2013

Slovenia Likely To Require More State Funds Than Expected

According to Morgan Stanley, the Slovenian national treasury will need a further amount of € 11bn until 2016. Slovenian Finance Minister Cufer is expected to present the new program in Brussels today.

May 13, 2013

Austrian Bank Secret: Faymann Vs. Fekter

Austria‘s agreement to an automatic exchange of data has become a personal match between Chancellor Faymann and Finance Minister Fekter.

May 13, 2013

CEESE: Economic Growth Stagnant

Orban claims Hungary is the country with the highest growth rate in CEE/CESEE next year.

May 10, 2013