People’s Party (ÖVP) Vice Chancellor Michael Spindelegger has warned it would be a “disaster” if Austria lost its AAA credit rating. Austria’s soundness is currently given the best-possible rating by the world’s leading credit rating agencies, Moody’s, Standard & Poors (S&P) and Fitch. Economist Bernhard Felderer recently warned that they could downgrade their outlook for […]
Tag: debt
A legendary theatre actor has suggested politicians should “have their brains transplanted” at Vienna’s General Hospital (AKH) after medical staff presented plans to reduce night and weekend services. The AKH’s works council and the Austrian Doctors’ Chamber said on Monday just 154 doctors would be at work at the hospital during the night and at […]
Austria’s provinces will be allowed to breach upcoming debt limit regulations in extraordinary circumstances, it emerged yesterday evening (Tues). David Brenner, the financial councillor of Salzburg and head of the council of councillors for financial affairs, announced that the country’s nine provinces were given the right to spend more than scheduled in the next nine […]
Rating agencies ‘expect clear signal’
Categories
Bernhard Felderer has explained why the Austrian government is well advised to fight for a two-third majority approval of its debt limit project. Social Democrats (SPÖ) and People’s Party (ÖVP) are currently trying to convince the Greens and the rightist Alliance for the Future of Austria (BZÖ) that its stricter budget path until 2020 was […]
Fekter set to clash with provinces
Categories
People’s Party (ÖVP) Finance Minister Maria Fekter is braced for controversial arguments with the financial councillors of Austria’s nine provinces after David Brenner expressed concerns about the government’s debt limit. Brenner – who heads the council of provincial financial councillors – said today (Tues) the federal coalition of Social Democrats (SPÖ) and ÖVP must abstain […]
Faymann bullish about debt limit
Categories
The government’s debt brake bill might not become a constitutional law. Social Democratic (SPÖ) Chancellor Werner Faymann said today (Fri) he was ready to prepare a regular law instead of trying to add the debt limit to the constitution if the opposition kept refusing support. The coalition of SPÖ and the People’s Party (ÖVP) needs […]
New austerity threatens rail investments
Categories
Social Democratic (SPÖ) Traffic Minister Doris Bures may be forced to pull the plug on an extensive railway infrastructure project. Bures said in September that 100 train stations all over Austria would be renovated by 2014. The infrastructure minister also presented plans to improve the country’s railroad network in the coming years. The People’s Party […]
Debt brake meets mounting mistrust
Categories
The political leaders of Austria’s provinces are at odds about the government’s debt limit decision. Social Democratic (SPÖ) Chancellor Werner Faymann and People’s Party (ÖVP) Vice Chancellor Michael Spindelegger announced on Tuesday that the coalition decided to implement a so-called debt brake. The government is dependent on the support of at least one of the […]
Austrian AAA ‘at risk’
Categories
A leading economist has warned Austria may lose its top credit rating. Bernhard Felderer said yesterday (Weds) the alpine country’s outlook may be downgraded by the world’s leading rating agencies due to the economic turmoil in Italy. Austria has close business ties with the country which borders it in the south. Italy has been one […]
The US website Daily FX Market News and Analysis reported today that Austria may well be the next victim of the Euro zone debt crisis. This has to do with Eastern and Central European countries having taken a good part of their debt in Swiss Francs to take advantage of Switzerland’s low interest rates. Daily […]