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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
Croatia: EU Introduces Excessive Deficit Procedure
In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.
December 11, 2013
Bulgaria: Prime Minister Stresses Positive Development
Plamen Oresharski stressed that Bulgaria has performed better than expected in 2013.
December 10, 2013
Slovakia Reverts Fiscal Strategy
The Slovak parliament has approved the government-authored corporate tax rate cut from 23% to 22%. Further cuts are expected to come.
December 10, 2013
Poland: Parliament Approves Nationalization of Pension Fund
Today, the Polish Lower House approved the controversial pension reform. With the reform, the Polish pension system will be partly re-nationalized.
December 10, 2013
Serbia: New Budget Turning Point for Economy
Next year’s draft budget is, according to Prime Minister Ivica Dacic the opportunity for a new beginning and a turning point in a responsible approach to running the Serbian economy.
December 9, 2013
Austria: Nowotny Warns of Choking off Economic Growth
The Austrian National Bank (OeNB) has slightly decreased this year’s economic growth from 0.5 percent to 0.4 percent. However, the recession of the past two years is over, the bank claims.
December 6, 2013
Austria to Raise Capital of up to € 30bn
In 2014, the Austria state will raise capital in the amount of € 28bn to 30bn from international capital markets. This year around € 29bn were raised.
December 6, 2013
Bank of Albania Presses for Agreement with IMF
The Albanian economy from short-term adjustment toward long-term sustainable growth. Why Albania needs an agreement with the IMF.
December 4, 2013
Austria: Debt Quota to Increase Slightly
Because of the new EU regulations the debt quota will increase by around 2.5 percent.
December 3, 2013
Austria: Tax Losses Amount to € 2bn in 2014
The Austrian People’s Party estimates tax losses in the amount of € 2bn for the coming fiscal year as announced by State Secretary for Foreign Affairs Reinhold Lopatka in an interview with radio station Ö1.
November 29, 2013
Croatia: Milanovic Promises Economic Recovery
Prime Minister vows that Croatia's economy will be put on a sounder footing.
November 28, 2013
Hungarian Parliament Resolves 2014 Budget
Hungary´s scheduled budget deficit in 2014 comes at 2.9% of the GDP. Economists are in doubt whether the deficit will be achieved.
November 27, 2013
Serbia: Further Austerity Measures Probable
In October, Serbia´s government has resolved a drastic austerity package.
November 27, 2013
Hungary: Monetary Policy Eases Further
Today, Hungary´s National Bank (MNB) has cut the two-week deposit rate to 3.2% from 3.4%. The government is optimistic that the monetary easing will help Hungary´s economy.
November 26, 2013
Faymann Calls for Sense of Proportion
Chancellor Faymann does not consider a drastic austerity package necessary.
November 25, 2013
Czech Budget Deficit Shrinks
Despite the unfavorable macro-economic develoment, the Czech Republic´s budget deficit was down slightly. This is mainly due the the better tax collection, the Czech Statistical Office (CSU) reports.
November 23, 2013
Slovakia Benefits Substantially from EU
In the next fiscal term from 2014 to 2020, Slovakia will receive net contributions of € 14bn. Without the EU contributions, Slovakia´s fiscal situation would be difficult.
November 23, 2013
Pressure on Slovenia Dampens
After Slovenia´s governing coalition has won the vote of confidence, the yield on Slovenian sovereign bonds is going down slightly.
November 22, 2013
RBI Approves Participation in Bad Bank for Hypo
CEO of RBI Sevelda expects Austrian government to set a time limit for bank levies until the end of 2016.
November 18, 2013
Slovenia Issues New Eurobonds
The issuance of a new bond in the amount of € 1.5bn on Friday came as surprise as Prime Minister Alenka Bratusek has annouced earlier no such measures will be made until the beginning of the new year.
November 18, 2013
Bulgaria: Fiscal Plans “Too Ambitious”
According to the IMF, the underlying assumptions of Bulgaria´s government are not realistic. The banking industry is stable, though.
November 16, 2013
Linic: No Aid from IMF Needed
According to Croatia´s Minister of Finance Slavko Linic, the country will manage the financial crisis on its own.
November 15, 2013
Slovenian Government Wins Vote of Confidence
As expected, on Friday the Slovenian center-left government of Prime Minister Alenka Bratusek has won a vote of confidence.
November 15, 2013
Austrian Budget Gap „Only € 18.4bn“
The Austrian government has re-calculated the fiscal shortfall. Scheduled Bank aids come at € 5.8bn. There will be no austerity package, the government claims.
November 14, 2013
Crucial Days for Slovenia´s Government
Slovenia´s government has presented the 2014 budget to the Parliament. Prime Minister Alenka Bratusek has linked the approval to a vote of confidence. However, the budget approval is not the biggest risk factor for the ailing country.
November 13, 2013
Croatia: IMF as Last Exit
It is likely that the ailing country is seeking assistance from the IMF. Borrowing in 2014 is risky, Finance Minister Slavko Linic said.
November 11, 2013
Austrian Government Hid Enormous Fiscal Shortfall
In the next five years, Austria´s fiscal shortfall may total up to € 40bn. The Austrian government did not disclose details yet.
November 8, 2013
Albania: Domestic Banks Struggling to Keep Up
According to a report by the European Bank for Reconstruction and Development (EBRD), the Albanian financial sector is dominated by foreign banks. Domestic banks are struggling to keep up with the internationally operating competition.
November 8, 2013
Croatia Under Brussel´s Observation
The new EU member country fights against a number of economic problems. Now, the EU-Commission considers starting an excessive deficit procedure.
November 7, 2013
Austria: New Austerity Package to Come?
Austrian economists expect that the new government will draft another austerity package. Otherwise the fiscal objectives will not be achieved.
November 6, 2013
Slovakia Imposes Tax on Tax Evasion
In order to reduce the capital outflow, Slovakia imposes a 35% tax rate on transactions to tax havens.
November 4, 2013
Slovenia´s Government Hopes for More FDI
In order to promote more foreign direct investments, Prime Minister Alenka Bratusek plans to hold investment conferences across Europe.
November 1, 2013
“Property Tax Cannot Finance Wage Tax Cut”
Bernhard Felderer, head of the Austrian public debt committee, stresses that the Austrian government must reduce the public debt level as soon as possible.
October 31, 2013
IMF on Slovenia: “Cleaning Up Banks is the Priority”
The IMF urges Slovenia to restructure its ailing banking sector. Slovenia faces expensive bank aid-programs.
October 29, 2013
Banking Sector: Pressure on Slovenia Grows
The IMF calls Slovenia to re-capitalize the banking sector immediately. However, Slovenia´s financial situation is already more than tense.
October 29, 2013
Hungary: Junk Rating Remains
S&P has reiterated Hungary´s sovereign debt rating. Further cuts are not unlikely.
October 28, 2013
S&P Warns of Further Downgrade
The rating agency has kept the “AA+” rating. However, Austria has to put more effort into austerity measures, the rating agency stresses.
October 26, 2013
Hypo Group: Worst Expectations May be Exceeded
For the Austrian state, the ailing nationalized banking group may become a financial GSA. The legal dispute with the former owner BayernLB bears enormous dangers for Austria´s public finance.
October 25, 2013
Hungary: Orban Underlines National Sovereignty
On the occasion of Hungary´s national holiday, Prime Minister Viktor Orban stressed the importance of values. The high public debt limits Hungary´s effective sovereignty, however.
October 24, 2013
Croatia: 2012 Budget Deficit Revised
Because of the different EU methodology, Croatia had to revise its budget gap. The fiscal situation remains critical.
October 23, 2013
EBRD Analyzes Slovenia´s Difficulties
From October 21 to 25, a delegation from the European Bank for Reconstruction and Development will visit the ailing country.
October 21, 2013
Slovakia: New Burden for Insurance Industry
The Slovak government extends special taxes for companies operating regulated sectors. The bank tax will be abolished in the course of the next years.
October 21, 2013
Croatia: EU-Membership Did Not Help Yet
In the first months of its EU membership, the situation in Croatia´s industrial sector deteriorated further.
October 19, 2013
Slovenia Introduces Property Tax
In order to reduce the massive fiscal shortfall, Slovenia is looking for new revenues. The property tax may bring more than € 400m.
October 17, 2013
Poland to Keep VAT Rates The Same Until 2015
In order to cut debts, the Polish government decided not to lower the level of VAT.
October 15, 2013
IMF: Hungary´s Fiscal Situation Deteriorates
According to the IMF, Hungary´s public debt quota will increase. This stands in opposition to the optimistic forecasts of the government.
October 15, 2013
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