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Public Debt

Budget Deficit: Austria Threatened with Penalty

Due to the capital injections into the distressed lender Hypo Group, Austria´s 2013 budget deficit will exceed the 3.0% threshold. According to Finance Minister Spindelegger, Austria might face an excessive deficit procedure.

April 25, 2014

Croatia Faces Radical Fisal Measures

The fiscal situation of the Balkan country and youngest EU member state is disastrous. The Croat government announced to introduce new taxes.

April 25, 2014

Austrian Public Debt Almost at 80% of GDP

The Austrian public debt burden will reach a new all-time high at the end of the current year. The challenging fiscal situation is partly attributable to the capital injections into Hypo Group Alpe Adria.

April 24, 2014

Hungary: Clear Victory for Orban

Today, Hungary has held parliamentary elections. Despite controversial and radical reforms, Prime Minister Orban was confirmed.

April 6, 2014

Hungary: Orban Faces Re-Election

Tomorrow, Sunday, Hungary holds national elections. Despite the difficult economic frame conditions in Hungary, the centre-right government is expected to be confirmed for the next four years.

April 5, 2014

Slovenia: Budget Deficit to Jump to 14.7%

Due to the bank bailout, Slovenia´s budget deficit is expected to reach 14.7% of GDP in 2013.

April 2, 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

Czech Republic: Government Refrains from Fiscal Discipline

In 2013, the budget deficit was down to 2.7% of GDP from 4.4% of GDP. In the next few years, the European Commission expects a trend reversal.

March 8, 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

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

Roubini: Hungary in Difficulties

A number of emerging countries are facing enormous problems, according to economist Nouriel Roubini. Also countries in Central, Eastern and Southeastern Europe are affected.

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

Austrian Government Does Not Rule Out Hypo Group´s Bankruptcy Anymore (2/2)

In the past few weeks, the Austrian government and the Austrian National Bank excluded this alternative categorically. Now, the bankruptcy scenario seems to be an option again.

February 4, 2014

Austrian Government Does Not Rule Out Hypo Group´s Bankruptcy Anymore (1/2)

In the past few weeks, the Austrian government and the Austrian National Bank excluded this alternative categorically. Now, the bankruptcy scenario seems to be an option again.

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

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

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

“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

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

Hypo Group Alpe Adria: Austrian Government Becomes Nervous

Although the participation of the private banking sector is unrealistic, the Austrian government does not give up. However, the time pressure grows week by week.

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

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

CESEE: Lack in FDI Causes Modest Economic Growth

The International Monetary Fund (IMF) is cautiously optimistic about economic growth in CESEE.

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

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

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

Austria: Hard Times for Regional Banks

Not only large banks are under pressure. In 2014, Austrian regional banks expect enormous challenges to deal with.

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

„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

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

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

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

Czech Republic: Lowest Increase in Public Debts in 17 Years

According to the government’s Funding and Debt Management Strategy, public debt should exceed CZK 2,000bn by the end of 2016.

December 17, 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