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March 9, 2021
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Public Debt

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Serbia Fights Against National Bankruptcy

The Serbian government has decided to implement a new austerity package. Above all, civil servants face substantial salary cuts.

October 9, 2013
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Fekter Presses for Provisional Budget Financing

Finance Minister Maria Fekter (ÖVP) does not count on the government to present a budget draft in time, which was scheduled October 22 and involves the Finance Act until the end of the year.

October 8, 2013
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Hungary´s Government: Budget Draft “Risky”

This week, Hungary´s government has submitted the budget draft to the Hungarian Parliament. The basic assumptions are rather optimistic.

October 5, 2013

Bulgaria: Shrinking Workforce Leading to Lower Growth

Bulgaria is facing a number of challenges resulting from shifting demographics.

October 4, 2013
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Austria: Better off within Eurozone

Economic experts claim that since the beginning of the single currency union, Austria has seen an additional economic growth of 0.4 percent. According to them, a collapse of the Eurozone would lead to a massive decline in exports.

October 2, 2013

Croatia Tries to Avoid Bail-Out by IMF

The 28th EU member country has severe fiscal problems. In order to avoid the IMF, Croatia borrows about $ 1.5bn on the U.S. market.

October 2, 2013
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Hungary: Budget Deficit Higher Than Planned

In the first half of 2013, Hungary´s preliminary deficit came at 2.6% of GDP. The government anticipates that the deficit will not exceed 3.0% of GDP this year.

October 1, 2013

Poland´s Budget Gap Narrows

The Polish government has approved the final budget draft for 2014.

October 1, 2013

Austria: Public Debt Increased to 74.0 Percent of GDP

Public finances 2012: public deficit at 2.5 percent, public debt at 74.0 percent of GDP.

September 30, 2013
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Hypo Group: Sale of Assets in SEE to Take Forms

The nationalized Austrian bank Hypo Group sells its assets in Southeastern Europe. The SEE-holding company will be established until the beginning of October.

September 29, 2013

Poland: Pension Scheme Reform to be Eased

At the beginning of September, Poland´s government decided to re-nationalize the pension system. Now, the government considers relativizing the reform.

September 28, 2013
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Hungary is Seeking New Creditors

The Hungarian public debt agency AKK intends to sell more sovereign bonds in Asia. Compared to other European countries, Hungary´s debt burden causes severe difficulties.

September 27, 2013

Slovakia: Economic Upward Trend Supports Fiscal Targets

After six consecutive quarters of economic deceleration, Slovakia faces better economic data. The positive trend helps Slovakia´s government.

September 26, 2013

Croatia: Fiscal Situation Deteriorates Further

Due to the weak economy, the budget gap will increase. The end of the recession is still uncertain.

September 26, 2013
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Slovenia: Controversies Over New Budget

Slovenia´s Prime Minister Alenka Bratusek links the approval to the austerity budget to a vote of confidence.

September 25, 2013

Leitl: “Grand Coalition Did Not Fulfill Expectations“

Christoph Leitl, President of the Austrian Chamber of Commerce (WKO), favors a change in the governing parties as the grand coalition has not realized the necessary reforms.

September 24, 2013
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Croatia to Issue Dollar Bonds

In order to cover its foreign exchange needs, Croatia will issue a dollar bond with a size of $ 2.7bn.

September 24, 2013

Poland: Budget for 2014 Realistic

According to Witold Kozinski, Deputy Govenor of the National Bank of Poland (NBP), the budget plan for 2014 is “realistic” and the risk of amendmends to the budget minimal.

September 23, 2013

Slovenia in a Decisive Phase

According to Bostjan Jazbec, Govenor of the Bank of Slovenia, the coming weeks will be critical for the small Eurozone member country.

September 23, 2013
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Further Nationalizations in Hungary?

In order to acquire further foreign-owned bank and energy companies, Hungary issues new sovereign bonds.

September 23, 2013

Fitch: Croatia Cut to Junk Status

Due to the fiscal situation, Fitch cuts the credit rating of the newest EU member country. The economic frame conditions do not leave enough room for reducing the public debt level, Fitch argues.

September 21, 2013
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Slovenia: Privatization Program to Boost FDI?

The government of the financially ailing country is forced to privatize a substantial part of the publicly held companies. Prime Minister Bratusek hopes foreign direct investments to increase.

September 20, 2013

IHS/WIFO: Austrian Hypo Group Needs Bad Bank

Christian Keuschnigg and Karl Aiginger claim that the nationalized Austrian bank should be split into a “good” and a “bad” part. Austria´s public debt would increase substantially.

September 16, 2013

Slovenia: Bankruptcy Without ECB/ESM?

Without external aid, Slovenia will not manage its severe financial crisis, experts say. A bail-out becomes more likely.

September 15, 2013
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Austria Must Implement Liquidation Mechanism for Banks

In order to minimize fiscal losses, Austrian problem banks should be liquidates soon, IMF claims. In this case, Austria would not reach its fiscal targets in the next years.

September 13, 2013

Austria: IMF Pushes for Tax Reform

The International Monetary Fund recommends re-considering the tax system. The Austrian wage taxes are too high, IMF criticizes.

September 13, 2013
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Austria: Spindelegger Confident About Becoming New Chancellor

The intense elections campaign for the Austrian People’s Party (ÖVP) has officially started on Tuesday. Deputy Chancellor and party leader Spindelegger promised more jobs and housing space.

September 11, 2013

IMF: Praise and Criticism for Austria

According to the IMF´s country report, Austria´s main problem is the fiscal situation.

September 11, 2013

Poland: Government Gives Green Light to Budget Draft

The Polish Government has approved the budget plan for 2014 with the deficit gap closing further after a refurbishment of the private pension system.

September 9, 2013
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Poland: Re-Nationalization of Pension Scheme

Poland takes back the partial privatization of pension system. The re-nationalization does not affect Poland´s sovereign debt rating.

September 7, 2013

Another Austerity Package in Austria?

Due to the dismal situation of nationalized banks, the economist Christian Keuschnigg anticipates another austerity package after the election at the end of September.

September 6, 2013
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Faymann: “Banks Should Pay for Hypo”

Austrian Chancellor Werner Faymann does not consider a new austerity package necessary despite of the threatening billions of Euros for the selling and winding-up of the ailing bank.

September 5, 2013

Bulgaria: Gross External Debt Amounts to 91.4 Percent of GDP

Bulgaria's gross external debt has amounted to 91.4% of GDP

August 27, 2013

Czech Republic: Early Vote No Danger for Sovereign Debt Rating

The current instable political situation is no significant risk factor for the Czech rating yet, the U.S. rating agency Fitch says.

August 25, 2013
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Fitch Cuts Outlook for Poland

Due to the change in Poland´s fiscal policy, the U.S. rating agency lowers the rating outlook for Poland from „positive“ to „stable“.

August 25, 2013

Turkey: Capital Outflow Endangers Economic Stability

The monetary and economic stability is under enormous pressure. Turkey´s National Bank does not have sufficient reserve to support the Turkish lira.

August 24, 2013
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CESEE Faces Economic Recovery

According to Moody´s, the economic outlook for Central, Eastern and Southeastern Europe is positive. Nevertheless, the recovery is still fragile.

August 24, 2013

Turkey Wants to Stop Capital Outflow

The Turkish government plans to attract more investors. By lower taxes, foreign capital of Turkish nationals should come back to Turkey.

August 17, 2013

Russia: Stable Outlook, Lower Growth Rates

The rating agency Fitch reiterates the “BBB” rating for Russia. The outlook remains stable. However, Russia´s GDP forecast had to be lowered.

August 17, 2013
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Romania: Significant Drop in Purchase Power

General consumption climate is unfavorable in Europe at the moment.

August 12, 2013

Commerzbank: Austria to Miss Budget Goals

Without a new austerity package, Austria will run up more debts than calculated in the bugdet plan, German Commerzbank says. The country’s AAA ratings are likely to decrease.

August 12, 2013
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Austria: Spindelegger Wants Reform Government

The next government has to be a “reform government”, according to Austrian Vice Chancellor Michael Spindelegger, since the one in office now has only shown little reform zeal.

August 9, 2013

Fitch: European Investors See Withdrawal of Bank Stimulus

More European investors now see the withdrawal of central bank stimulus as a bigger risk to European credit markets than eurozone sovereign debt problems.

August 9, 2013

Serbia: Public Debt Grows Unstopped

At end-March 2013, public debt of the Republic of Serbia4 amounted to EUR 19.4 bln, up by EUR 1.7 bln on end-2012.

August 7, 2013

Romania Initiates Structural Reforms

In order to receive a precautionary loan from the IMF, Romania´s government will implement a series of reform steps. Above all, Romania starts privatizations again. Romania´s economic outlook continues to brighten.

August 3, 2013

S&P: Croatia Downgraded Again

The rating agency puts the outlook on Croatia from „stable“ to „negative“. The rating remains unchanged.

August 2, 2013
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Czech Republic: Unwilling to Join Eurozone?

In 2012, the country missed two out of four criteria for the introduction of the single currency. According to the statistical office it was the worst result in five years. It is not yet clear when the Czech Republic is ready to join the Eurozone.

July 31, 2013

Czech Republic to Remain in Recession

The Czech economy will, according to the Finance Ministry in Prague, shrink by 1.5 percent and only start growing again in 2014 by 0.8 percent.

July 26, 2013

Poland: Opposition Calls for Parliamentary Inquiry

PiS chief opposition calls for parliamentary inquiry into public finances.

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
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