The level of debt run up by the Social Democrat controlled Vienna city council is at a record high after increasing by 285 million EUR in the last year to 4.63 billion EUR The statistics show that the city paid 84 percent of its running investment costs from the current budget, but about 16 percent […]
Federal and provincial financial issues decision-makers have postponed their negotiations about the budget of the coming years. People’s Party (ÖVP) Finance Minister Maria Fekter said talks with the provincial governments’ finance councillors would continue next week. Fekter angered the politically muscular provincial parliaments by revealing plans to sanction provinces which breached the stricter new budget […]
A new concept by People’s Party (ÖVP) State Secretary Sebastian Kurz will become part of the party’s programme, it has been announced. Foreign Minister Michael Spindelegger, who took over from ex-Finance Minister Josef Pröll as ÖVP chairman in 2011, said yesterday (Weds) that the integration secretary’s democracy paper would be considered “step by step”. Kurz […]
A leading rating agency has sent shockwaves through Austria by threatening to downgrade its credit rating. New York City-based credit rating agency Moody’s announced last night (Mon/Tues) that it decided to put Austria on negative credit watch due to great uncertainty about whether Europe will be able to solve the worsening debt crisis. The outlook […]
Greens chairwoman Eva Glawischnig has claimed the government stopped being interested in adding a debt brake to the constitution. Social Democratic (SPÖ) Chancellor Werner Faymann and Vice Chancellor Michael Spindelegger of the conservative People’s Party (ÖVP) announced in November they agreed on establishing a constitutional debt limit. The government leaders said the measure should help […]
Another leading credit rating agency has confirmed Austria’s excellent financial condition. US American rating agency Fitch said yesterday (Tues) it decided to keep Austria’s rating at AAA, the best possible estimation agencies issue on the financial trustworthiness and stability of a country or a company. Some experts warned that Fitch might consider downgrading Austria due […]
A leading Social Democrat (SPÖ) has rejected the People’s Party’s (ÖVP) latest suggestions to economise. ÖVP boss Michael Spindelegger said yesterday (Thurs) that the state could save “more than 10 billion Euros” altogether by 2016 by reducing certain investments. Spindelegger made clear that the agricultural sector would not be spared from austerity measures. However, the […]
Moody’s has confirmed Austria’s credit rating. The influential rating agency said on Friday it decided not to lower the country’s rating from the best-possible grade of AAA. Moody’s added that it did not touch the Austrian economy’s outlook either. The rating agency explained Austria’s economy was doing well thanks to its muscular export industry. Moody’s […]
The head of the Federal Audit Office (RH) has appealed to political leaders to avoid “gambling away the future of our children”. Josef Moser provided the government coalition and the parliament’s opposition factions with a list of 599 suggestions where the country could become more efficient as lawmakers keep arguing over how to slash the […]
Alliance for the Future of Austria (BZÖ) boss Josef Bucher has labelled the government’s debt limit bill a “placebo brake” as chances for an accord between the coalition and one of the parliament’s three opposition parties are decreasing. The right-winger said today (Thurs) he was willing to fight for an agreement until Monday but also […]