Public Debt

Moody´s to Watch Austria Carefully

After the U.S. rating agency has lowered the outlook for the AAA-countries Germany, Netherlands and Luxembourg, Austria´s rating will be checked thoroughly.

July 24, 2012

IMF: Doubt on Hungary´s Economic Data

For the IMF, the budgetary forecasts are too optimistic. The negotiations on the € 15bn loan continue.

July 23, 2012

Austrian Bank Aids: Losses Total € 3.4bn

The nationalized banks are a substantial risk factor for Austria´s budget. Losses may increase further.

July 23, 2012

Rise in Public Debt Unstopped

In the Euro area, government debt was up to 88.2% of GDP. Due to the European debt crisis, Austria´s public debt level will increase from 72.2% to 74.7% of the country´s GDP.

July 23, 2012

Slovakia: Bank Tax Should Reach € 1.0bn

The Slovakian government raised the bank tax up to 0.4% on deposits. Once the tax intake totals € 1.0bn, the tax should be abolished.

July 21, 2012

Slovenia in Financial Distress

In order to prevent becoming a bail-out candidate, the Slovenian government aims to resolve a „debt brake“. It turns out that this goal is highly uncertain.

July 21, 2012

"Wage Cuts in Southern Europe Inevitable"

Christian Keuschnigg, director of the Austrian Institute of Advanced Studies thinks that a fiscal union will not work. The recession in Southern Europe will go on.

July 21, 2012

Outlook 2012: „ATX moderately positive in 2012“

Erste Group: „Environment to remain volatile; relatively low debt in Austria and CEE and yields on Austrian government bonds confirm save haven“.

July 21, 2012

Fekter Does not Want to Bundle Austrian Problem Banks

As the public debt level would rise dramatically, Austria´s Finance Minister Maria Fekter rejects the idea of a common bad bank.

July 19, 2012

Record Low for Interest Rates on Austrian Sovereign Bonds

For bond investors, Austria is a safe haven. Since the beginning of the year, the interest rate on sovereign bonds was down from 3.1% to 1.9%.

July 18, 2012

Ukraine Shows Stable Economic Performance

After a major depression in 2009, the Ukrainian economy grows steadily. However, in June, industrial output fell slightly, Austrian RCB analyzes.

July 18, 2012

Further Increase in Austrian National Debt

Due to the European debt crisis, Austria´s public debt level will increase from 72.2% to 74.7% of the country´s GDP.

July 16, 2012

Fekter Against Forced Loans

Austria´s Finance Minister Maria Fekter opposes to DIW´s suggestion to impose forced loans on wealthy persons.

July 16, 2012

Poland Not to Enter the Eurozone Soon

For the time being, Poland will keep the Zloty. After the Eurozone has managed the current crisis, an accession is conceivable, Foreign Minister Radoslaw Sikorski says.

July 14, 2012

Austrian Municipalities Suspected to Hide Public Debt

About 40% of Austrian municipalities source out public debt. The size of hidden public debt could reach up to € 10bn.

July 14, 2012

Hungary: IMF Talks Begin Next Week

The financially stricken country seeks a second bailout by IMF. Hungary negotiates over a loan sized € 15bn.

July 14, 2012

Stability of Austrian Budget Endangered

Public expenses are on the rise. At the same time, the tax intake shrinks. Economist Felderer warns of expensive election gifts.

July 12, 2012

Slovenia Remains in Recession

According to estimations, the recession in Slovenia will sharpen this year. A turnaround is expected in 2013. The banking sector is an enormous burden for the Souteastern European country.

July 12, 2012

Austrian AAA „Not in Danger“

The Austrian economist and chairman of the public debt council Bernhard Felderer thinks that Austria will keep its Triple-A rating. Felderer´s statement is not undisputed.

July 12, 2012

„No Austerity Measures in the Czech Republic“

The Vienna Institute for International Studies underlines that the Czech Republic´s financial situation is very stable at the moment. Austerity policies would not be required.

July 11, 2012

Slovakia: Flat Tax to be Abolished

This summer, the Slovakian government will resolve a package of 22 measures in order to fight public debt.

July 10, 2012

Austrian Industry Urges Government to Continue Austerity Policies

The Austrian government has to perform its job in order to retain competitiveness and economic growth in future. Finance Minister Fekter is highly satisfied with the government´s economic report.

July 10, 2012

Hungary: Negotiations on IMF Loan to be Concluded in Autumn

Since January, the Hungarian government tries to secure a € 15bn loan by IMF and the European Central Bank. A final solution may be found in the next months.

July 7, 2012

ESM Approved by Austrian Parliament

The controversial European Stability Mechanism was ratified by the Austrian National Council. The right opposition parties criticized the approval massively.

July 6, 2012

Banking Supervision: Satisfaction and Criticism

Austrian Members of the European Parliament welcomed the decisions taken by the euro summit. By contrast, the opposition party FPÖ criticizes the result as „final step towards a debt union“.

July 3, 2012

Austrian Banks in CESEE „Too Ambitious“

For the IMF, Austria´s economy is „well situated“. The austerity package is „adequate“.

July 2, 2012

Hungary: Financial Transaction Tax to be Extended

The Hungarian government plans a growth stimulus program, which should be funded with the extension of the current financial transaction tax.

June 30, 2012

„Austria Is Well Situated, but Needs Reforms Urgently“

Austria´s economic perspectives are slightly positive. The Austrian Chamber of Commerce reaffirmed its call for regional economic reforms.

June 30, 2012

Austrian Government Debt on the Rise

The Austrian public debt level rose to 73.5% of GDP or € 222.6bn in the first quarter of 2012. Above all, the situation of Austrian municipalities is precarious.

June 29, 2012

Euro-Crisis Continues

According to RCB, the factional dispute between Germany and France decisive for the eurozone. An easing of the situation is not expected.

June 29, 2012

WIFO Wants Unlimited Firewall

According to the Austrian Institute of Economic Research, the firewall must be big enough in order to make speculation against the euro unattractive.

June 28, 2012

Survival of the Euro Questionable

Regarding the future of the common currency, the Austrian economist Fritz Breuss is highly skeptical.

June 26, 2012

Fekter Declines Mercy for Greece

Austria´s Finance Minister Maria Fekter is poised for amending several points oft he Greek austerity program. This is no accomodation, Fekter emphasizes. In the future, the EU should be completely centralized, Fekter says.

June 21, 2012

„Austria Is Threatened by a National Bankruptcy“

The Austrian economist Eva Pichler warns of the ESM and appeals on the Austrian Parliament not to ratify the „recue package“.

June 20, 2012

Fitch: Austria´s AAA Not Endangered

According to the U.S. rating agency, Austria´s creditworthiness remains at a high level. Nevertheless, reforms would be needed.

June 19, 2012

„Austria Must Not Become Mediocre“

The Austrian Chamber of Commerce (WKO) and the Federation of Austrian Industries (IV) call for an acceleration of reforms as the Austrian position in competitive rankings deteriorates.

June 18, 2012

Fekter Defends Euro Aids

Austria´s Finance Minister Maria Fekter underlines the „necessity of solidarity“ and stressed ist commitment to the common currency. The Austria opposition party FPÖ made a serious protest.

June 16, 2012

Gloomy Growth Prospects for Austria

Bank Austria cuts its growth prospects for Austria. Instead of a GDP growth of 2.0% in 2013, the analysts now expect economic growth to reach 1.5%.

June 16, 2012

Leitl Underlines Good Relations with Hungary

At the visit of Hungary´s Viktor Orban, the President of the Austrian Chamber of Commerce (WKO) stresses the long-term commitment of Austrian enterprises in Hungary and claims legal security in return.

June 14, 2012

FPÖ: „Europe Has a Banking Problem“

The Austrian opposition leader Heinz-Christian Strache criticizes that European countries are downgraded due to their banks. Further bank aids would be likely.

June 13, 2012

Austerity: „There is No Alternative“

The former director of the Austrian Institute of Advanced Studies appreciates the help for Spanish banks and thinks that a Greek exit is rather unlikely.

June 12, 2012

Monti Angry at Fekter

Italy´s Prime Minister Mario Monti is unhappy with the statement of Austria´s Finance Minister Maria Fekter on Italy. Fekter considered that Italy may need help by the EU.

June 12, 2012

Erste Group Manages Bond Issue in Poland

Poland new long 10-year sovereign bond issue had a volume of € 1.5bn. The issue was more than 2x over-subscribed.

June 12, 2012

Austrian Central Bank Expects Economic Stabilization

Austria´s budget deficit is expected to decrease, the economic growth should increase slightly.

June 11, 2012

„We Won´t Get Any Money Back“

The former director of the Austrian Institute of Advanced Studies (IHS) does not think that Greece is able to pay back its debt. Nevertheless, Felderer still believes in the euro.

June 9, 2012

EU-Crisis: Austrian Government Underlines Necessity of „Solidarity“

The Austrian State Secretary Wolfgang Waldner calls for a centralization of economic and financial policies.

June 8, 2012

IV: „Budget Consolidation Supports Economic Growth“

The Federation of Austrian Industries pushes for structural reforms in order to cut public expenses.

June 8, 2012

Keuschnigg: „Raising ESM for Italy and Spain“

Christian Keuschnigg, director of the Austrian Institute of Advanced Studies (IHS) argues for raising ESM funds to € 1,000bn.

June 4, 2012

EU Calls on Austria to Accelerate Reforms

Austria has to put more effort in reforms. In the fields of education, labor market, retirement plan and budget consolidation, Austria shows deficits.

June 1, 2012

Treichl: „Spain Needs Help“

The CEO of theAustrian Erste Group Andreas Treichl is in doubt whether Spain may conquer the crisis without help. Regarding Greece, Europe has to pay anyway, Treichl thinks.

June 1, 2012
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