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Fiscal Policy
Slovenia: Confusion over Real Estate Tax
The deadline for real estate owners to prepare for the new real estate tax has been extended by a month.
March 19, 2014
Wifo Warns European Council of Economic-Policy Standstill
The Austrian Institute of Economic Research sharply criticizes the current economic policy of the European Union and calls for a change of course to reach the self-defined targets.
March 19, 2014
Hungary: Jurisdiction Affects FX Loans and Banks
Hungary’s constitutional court will exert influence on FX loans.
March 18, 2014
Hypo Group: Government Explains Downsizing Solution
On Tuesday the Austrian government will explain the decided downsizing solution for the ailing bank Hypo Group Alpe Adria. Carinthia only wants to pay € 300m in downsizing costs.
March 18, 2014
Serbia: Landslide Victory for Vucic
After Deputy Prime Minister Aleksandar Vucic’s party saw an overwhelming victory in the early parliamentary elections the new government is facing a hard road ahead.
March 17, 2014
Austria: Spindelegger Puts Pressure on BayernLB
In the dispute with BayernLB, former parent company of problem bank Hypo Group Alpe Adria, Finance Minister Michael Spindelegger calls for a tougher approach.
March 17, 2014
Poland: Lowest Budget Deficit Since 2008
The budget deficit as per the end of February, was the lowest since 2008.
March 14, 2014
Austria/SEE: Crucial Days for Hypo Group’s Future
Today the supervisory board of ailing Hypo Group is gathering to determine the financial gap of Hypo Group and the amount required to complete the balance sheets for 2013. Moreover, a decision about the SEE network will have to be made.
March 14, 2014
Poland: “Time for Belt-Tightening”
Poland is required to cut the deficit in the public finance sector.
March 13, 2014
Austria: Who Will Pay for Hypo Group?
In the dispute around who is to pay for problem bank Hypo Group Alpe Adria Chancellor Werner Faymann intends to negotiate with the Austrian provinces about a contribution to the bank levy.
March 13, 2014
Hypo Group: Insolvency Still an Option?
The group of international advisors appointed by the Austrian government seems to have come to a different conclusion than the task force of Hypo Group Alpe Adria.
March 12, 2014
Hypo Group: Losses Expected to Run into Billions
Hypo Group Alpe Adria is expected to reveal losses of around € 2bn in the balance sheet for the business year 2013. Up to now, losses in the amount of € 1.3bn were expected.
March 12, 2014
Faymann: Provinces to Participate in Hypo’s Downsizing Costs
Chancellor Werner Faymann announced that the provinces will have to make a financial contribution to the downsizing costs of Hypo Group. He is in favor of using the provincial share of the bank levy.
March 11, 2014
Austria: Hypo Group Disaster with Exorbitant Costs
The extent of the disaster of Austrian problem bank Hypo Group Alpe Adria only starts to unfold bit by bit. A further capital injection of € 750m is needed only for the ailing bank to complete its balance sheets.
March 11, 2014
Austria: Painful Austerity Measures Ahead
The Austrian public debt level grows massively. The disaster of the nationalized Balkan lender Hypo Group Alpe Adria is not the only reason for the unfavorable situation.
March 10, 2014
Slovenia: Commissioner Calls for Reforms and Further Privatizations
EU Commissioner for Economic and Monetary Affairs Olli Rehn said that Slovenia had to continue to push forward with further privatizations and economic reforms.
March 6, 2014
S&P: European Banking Sector Faces Worse Ratings
According to the rating agency, the public support for the European banking sector is essential in many cases. Without financial support, banks might be downgraded.
March 5, 2014
„Austria Needs an Excellent Minister of Finance“
Andreas Treichl, CEO of the third-biggest lender in Central, Eastern and Southeastern Europe expressed subtle doubt as to whether Michael Spindelegger is the right person for the job.
March 2, 2014
Fitch Keeps Slovak Rating Unchanged
Slovakia´s issuer default rating was kept unchanged at “A+”. The outlooks remain stable.
March 1, 2014
Moody´s Confirms Austria´s Rating Despite Hypo Group Disaster
The rating agency has reiterated Austria´s top sovereign debt rating. Moreover, the outlook was upgraded from “negative” to “stable”.
March 1, 2014
Serbia to Start Talks with IMF
Officials of the International Monetary Fund (IMF) have started negotiations with Serbia on Wednesday.
February 26, 2014
Slovenia: SMEs Protest Against Real Estate Tax
Tax bills would rise by many times for small business owners.
February 24, 2014
Spindelegger: Taxpayers Should Not Carry Whole Load
Finance Minister Spindelegger declared himself in favor of a haircut of creditors of problem bank Hypo Group.
February 20, 2014
Austrian Government Wants International Group of Experts
More and more voices for a parliamentary investigation committee for ailing bank Hypo Group Alpe Adria are being raised even within the SPÖ and the ÖVP. However, the government has other plans.
February 20, 2014
Hypo Disaster: Who Are the Beneficiaries?
International investment companies, funds and domestic banks are the major recipients of the billions of Euros in the Hypo Group disaster.
February 19, 2014
Czech Republic: New Government Passed Vote of Confidence
The new Czech government under Prime Minister Bohuslav Sobotka has passed the vote of confidence in parliament yesterday.
February 19, 2014
Czech Republic: Government Asks for Vote of Confidence
The new Czech government was appointed at the End of January. On Tuesday Prime Minister Bohuslav Sobotka and his cabinet will ask for a vote of confidence in parliament.
February 18, 2014
Austria: Still No Clarity in Hypo Group Disaster
The Austrian parliamentary parties continue to shift the blame onto each other. Details still have not been presented yet.
February 17, 2014
Government Downplaying Effects of Hypo Group Desaster
Today, both Chancellor Werner Faymann and Finance Minister Michael Spindelegger had to explain their actions in regard to Hypo Group Alpe Adria in parliament.
February 17, 2014
Fitch Keeps Polish Sovereign Rating Unchanged
The U.S. rating agency has reassessed Poland´s sovereign debt rating.
February 15, 2014
Serbia: Key Rate Kept Untouched
The board of the National Bank of Serbia (NBS) underlined the importance of a cautious monetary policy in the light of the current economic developments.
February 14, 2014
Serbia: FDI of Great Importance for Economy
According to Deputy Prime Minister Vucic, the country’s biggest problem was the rate debt rate and fiscal deficit.
February 14, 2014
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
Bosnia: Protests Go On
After a number of political step-downs, the protests in Bosnia do not come to an end. The protest movements wants to take back controversial privatizations and the state presidium to step down.
February 9, 2014
“We Want to Return to the Mainstream”
The new Czech Prime Minister Bohuslav Sobotka announced that the country will become a member of the EU Fiscal Pact.
February 7, 2014
Hypo Group Alpe Adria: Extreme Burden for Austrian State Budget Ahead
The bad news about the nationalized Balkan lender do not break up. In 2014, the Austrian problem bank may cause costs in the amount of € 9bn.
February 7, 2014
Czech Republic. Euro Adoption Causes Dispute Within the Cabinet
Czech Minister of Foreign Affairs Lubomir Zaoralek (CSSD – Czech Social Democrats) wants to adopt the euro as soon as possible. Minister of Finance Andrej Babis rejects that idea.
February 7, 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: Chitiou Has Lost Support from PNL
As reported by Vindobona, Romania´s Minister of Finance has decided to leave the government. According to rumors, the resignation was forced by senior PNL members.
February 7, 2014
Romania: Minister of Finance Quits
Minister of Finance Daniel Chitoiu is said to leave the Romanian cabinet.
February 6, 2014
Poland: Public Debt Falls Significantly
Due to the nationalization of the pension funds OFE, Poland´s public debt quota goes down to 50% of GDP.
February 6, 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
Hypo Group Alpe Adria: Fitch Recommends “Joint Bad Bank”
According to the rating agency, the best alternative is a joint solution between the Austrian state and privately held banks. In return, the bank levy should be reduced, Fitch says.
February 5, 2014
Austrian Minister of Finance Under Fire
Christoph Leitl, President of the Austrian Chamber of Economics, criticizes the Austrian government sharply. Minister of Finance Michael Spindelegger is put on the defensive.
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
IMF: Bulgaria May Reach European Standards in 40 Years
According to the International Monetary Fund, the poorest EU member faces a long transition period.
February 4, 2014
Bulgaria: IMF Puts Pressure on Government
The International Monetary Fund demands Bulgaria´s government to accelerate economic reforms.
February 3, 2014
Bucharest: Fitch Affirms Sovereign Debt Rating
The U.S. rating agency Fitch has kept the long-term issuer default rating at “BBB-“. The outlook remains stable.
February 3, 2014
Hungary: Next Currency Crisis Ahead
The extremely loose monetary policy begins to become a problem for Hungary. The forint exchange rate is going up considerably.
February 1, 2014
Austrian Government Skirting around Decision over Hypo
A paper reporting about the four options for downsizing Hypo Group has not been published by the government yet.
January 31, 2014