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Public Debt

Vienna´s Indebtedness Grows

Austria´s capital ignored the warnings of the Audit court and lets the debt burden grow further.

May 26, 2012

Fekter Emphasizes: „Eurobonds Do Not Solve Debt Problem“

Maria Fekter, Austria´s Minister of Finance, thinks that the idea of common bonds is no real solution, but only symptom fighting.

May 26, 2012

Austrian Chamber of Economics Claims Growth Package

Christoph Leitl, President of the Austrian Chamber of Commerce thinks that Austria and Europe would both need growth and austerity measures.

May 25, 2012

Greece and Eurobonds Divide Austria

The Greek exit and the introduction of Eurobonds are discussed heatedly. In Austria, there is no clear tendency.

May 25, 2012

Austrian Economy: OeNB Demonstrates Optimism

The Austrian Central Bank is satisfied with the performance of the domestic economy underlines the necessity of austerity measures.

May 24, 2012

Nowotny: „Austria is Safe“

The governor of Austria´s Central Bank (OeNB) Ewald Nowotny asserts that the economic stability in Austria is substantially better than in other regions of the Eurozone.

May 23, 2012

Fekter Warns of Greek Exit

Austrias Finance Minister Maria Fekter sees enormous difficulties in the case of an exit out of the Eurozone. The Financial Market Authority (FMA) supports Fekter.

May 23, 2012

The Euro – A Big Error (Part 2)

The system of the common currency has failed to work, but is still kept alive artificially. The euro brings enormous difficulties to stronger as well as weaker European economies.

May 23, 2012

Austrian Industrial Sector Pushes for Austerity

The Federation of Austrian Industries sees still a huge potential to reduce public expenses and underlines the importance of the industrial sector.

May 22, 2012

Fekter: Hollande´s Suggestions are “Nonsense”

Vice-Chancellor Spindelegger and Finance Minister Fekter are strictly against the introduction of Eurobonds and any amendments of the Fiscal Treaty.

May 22, 2012

“Three Problems of Europe: Divergence, Indebtedness and Weak Banks”

The new director of the Austrian IHS (Institute of Advanced Studies) Christian Keuschnigg thinks that a Greek exit would have to take place suddenly.

May 21, 2012

The Euro – A Big Error (Part 1)

The system of the common currency has failed to work, but is still kept alive artificially. The euro brings enormous difficulties to stronger as well as weaker European economies.

May 20, 2012

Austrian Health Insurance Funds Achieved Surplus

For the first time, all nine Austrian health insurance funds recorded positive result. In total, a surplus of € 291m was achieved.

May 19, 2012

Sorger Underlines Austrian Crisis Management

The President of the Federation of Austrian Industries Veit Sorger reaffirms the necessity of austerity and investments of the private sector.

May 19, 2012

Austrian Interest Rate Reaches a Record Low

The interest rates for German and Austrian sovereign bonds are as deep as never before. Thus, in Europe, the gap widens further.

May 18, 2012

Keuschnigg: „Austria Needs More Federalism“

The new director of IHS (Institute of Advanced Studies) considers that a decentralization of the fiscal policy would bring more competition between the provinces.

May 18, 2012

Keuschnigg Worries About Austria´s Competitiveness

The new director of IHS (Institute of Advanced Studies) Christian Keuschnigg suggests reforming the Austrian labor market. The welfare state would be too sophisticated.

May 15, 2012

A “Speech to Austria”? No.

The disenchantment with politics in Austria is as big as never before. An ambitious, but meaningless speech of Vice-Chancellor Spindelegger will not change the misery.

May 15, 2012

Austrian Demand for New Buildings Declines

Due to the weaker economic growth and the austerity policies, demand for new buildings is decreasing.

May 12, 2012

„Combining Austerity and Growth Measures“

The Austrian Minister of Economics and the President of the Austrian Chamber of Commerce claim a European growth strategy without turning down austerity policies.

May 11, 2012

Austrian Stability Pact Signed

The Austrian Federation, the provinces and the municipalities agreed on the stability pact. Until 2016, a zero deficit should be reached.

May 10, 2012

Hungarian Bank Tax May be Abolished

The extraordinary bank tax in Hungary will be halved in 2013 and deleted in 2014, the government said. Austrian banks are relieved.

May 10, 2012

Stable Development of Austrian Economy

The Austrian Institute of Economic Research (WIFO) forecasts a decent, but stable economic growth in 2012.

May 10, 2012

Greece: „The Markets were too Euphoric“

In an interview with the Austrian newspaper “Standard”, the Austrian analyst Friedrich Mostböck thinks that the European debt crisis will remain a major challenge.

May 7, 2012

ESM: The Final Ruin of Europe

Solidarity with financially stricken EU countries cannot justify the irrevocable loss of national sovereignty. The transfer union will only work until the financial collapse of Germany and Austria.

May 2, 2012

Maastricht Criteria: Austria in the Middle Field

In 2011, the government deficit of both the euro area (EA17) and the EU27 decreased in absolute terms compared with 2010, while the government debt rose in both zones.

April 23, 2012

Waldner: “Germany and Austria are Role Models in the Eurozone“

The Austrian State Secretary Wolfgang Waldner had a work meeting today with his colleague in the German Federal Foreign Office, Minister of State Michael Link.

April 23, 2012

Triple-A Will Not Return Soon

The U.S. rating agency S&P dashes hopes that Austria may get back its “AAA” soon. Austrian banks may still face risks as the crisis is over yet, S&P says.

April 20, 2012

Austrian Railways: € 33bn Investment Package Resolved

The Austrian National Council decided the infrastructure package for ÖBB (Austrian Railways). Until 2017, investments of € 33bn will be made.

April 19, 2012

Felderer: „Women Must Have More Children”

The director of the Austrian Institute of Advanced Studies (IHS) sees a demographic problem in Austria as well as in Europe. Migration cannot solve the problem, Felderer says.

April 19, 2012

Felderer: „Another Downgrade Less Probable“

The Austrian economist Bernhard Felderer thinks that the risk of another downgrade of Austrian sovereign bonds has decreased.

April 18, 2012

Austrian Industry Underlines Austerity Policy

After the rating agency Fitch retained Austria´s triple A, the Austrian industry sees a confirmation of the need for austerity. Finance Minister Fekter emphasized to push for further reforms.

April 17, 2012

Fitch Confirms “AAA” For Austria

The U.S. rating agency Fitch Ratings has affirmed Austria's Long-term foreign and local currency Issuer Default Ratings at 'AAA'. The rating Outlooks on both Long-term ratings are Stable.

April 17, 2012

Health Insurances Reduce Debts

Over the last three years, Austrian health insurance institutes could cut debts by € 1.0bn, which is substantially more than expected.

April 12, 2012

Austria Pays Less Interest

Despite the lost „AAA“, Austria´s interest rate on recently issued bonds is on a record low.

April 10, 2012

Failed Austerity Package: „Austrian Rating Not Affected“

Bernhard Felderer, director of IHS (Institute of Advanced Studies) thinks that the incomplete austerity package has no effect on Austria´s prospects to return to the Triple-A status.

April 7, 2012

Competitiveness: Austria Among Top Five

Concerning its competitiveness, Austria ranks fifth among the 27 EU members.

April 6, 2012

Public Deficit in 2011 Below Maastricht Criteria

The Austrian state recorded a budget deficit of 2.6%. Public debt rose to 72.2% of GDP in 2011.

March 29, 2012

Austrian Exports to Japan Reach New Record

Last year, bilateral trade between Austria and Japan recorded a new high. Austrian exports to Japan amounted to € 1.3bn.

March 27, 2012

Budget: Wifo Misses Future Investments

The Austrian Institute of Economic Research (Wifo) commented the government´s draft of the budget. There is still a lack in active fiscal policy, Wifo states.

March 26, 2012

Keuschnigg: „Greece Must Leave Eurozone“

The Austrian Economist and designated director of HIS, Christian Keuschnigg advised Greece to leave the euro zone.

March 26, 2012

Municipalities: Indebtedness Per Capita on the Rise

According to the Austrian audit court, indebtedness of municipalities was up significantly over the last years.

March 24, 2012

2,000 New Jobs Created by Foreign Enterprises

The Austrian Chamber of Commerce stressed the importance of foreign direct investment in Vienna. Last year, 126 foreign enterprises came to Vienna.

March 22, 2012

Cernko Claims Bank Rescue Fund

Bank Austria´s CEO Willibald Cernko wants the bank tax to be solely used for a stability fund in order to support financially stricken banks.

March 20, 2012

Austria Wants More Leeway for Hungarian Budget

The Austrian Minister of Finance Maria Fekter criticizes the EU. Hungary is not treated equally, Fekter says.

March 13, 2012

Despite Loss of AAA: Austria Pays Less Interest

The Austrian Republic had to pay € 300m less than initially expected in 2011. In spite of the downgrade by S&P, the trend seems to continue.

March 10, 2012

„The Public Sector Does not Get Enough“

Klaus Pöttinger, President of Upper Austria´s IV takes Switzerland as model. Taxes would be too high, efficiency of the public sector is too low, he says.

March 9, 2012

Public Debt Agency: “Unnecessary to Change Bonds Issuance Plans”

Austria sees no need to change its debt issuance program and is sticking to its plan to stay below the European Union’s deficit ceiling this year even as it injects cash into Oesterreichische Volksbanken AG (VBPS) and KA Finanz.

March 6, 2012

Again Criticism on Austerity Package: „Lack in Sustainability“

The President of the Viennese Federation of Austrian Industries (IV), Georg Kapsch, misses details of the austerity package. The package is not ambitious enough, Kapsch considers.

March 5, 2012

Austerity Package: Sorger Misses Reforms

The President of the Federation of Austrian Industries (IV), Veit Sorger, sees a massive lack in structural reforms. The austerity package is a “missed opportunity”.

March 3, 2012
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