A renowned economist has warned from reintroducing the drachma in Greece. Greek economic expert Miranda Xafa said such a step would cause “economic chaos and a social explosion”. She told profil that no one could guarantee the stability of the currency. Xafa added: “No Greek exporter, hotelier or restaurant owner would change their Euros for […]
Tag: economy
Greece can survive, says Schieder
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Social Democratic (SPÖ) Finance Secretary Andreas Schieder has claimed that Greece has the chance to rebuild its economy. Speaking to magazine profil, Schieder warned from speculating about the costs of a Greek Eurozone exit. He said it attempt of trying to evaluate the costs of such a scenario were “not serious”. The Social Democrat said […]
Faymann fears Greek exit costs
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Social Democratic (SPÖ) Chancellor Werner Faymann has warned from a Greek Eurozone exit. Faymann said such a scenario would be “very risky” and include “many yet unknown aspects”. Faymann said: “No one can predict where this would lead. The only thing that can be said with certainty is that it would all be very expensive […]
Austrian economy recovers, says OECD
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The Austrian economy will manage to grow by nearly one per cent this year, according to the Organisation for Economic Co-operation and Development (OECD). The Paris-based institution announced yesterday (Tues) that the small alpine state’s economy had chances to do 0.8 per cent better in 2012 than in 2011 before achieving an improvement of 1.6 […]
Standard & Poor’s (S&P) analyst Alois Strasser has warned that a crisis worse than the most recent one could “totally demolish” Austrian finance institutes’ capital. Strasser – who is in charge of the US American rating agency’s economic estimations for the Austrian economy – told Die Presse today (Fri) that the Republic of Austria could […]
Austrians believe in economy
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Austrians are cautiously optimistic about the state of their home country’s economy. A new poll by Spectra shows that 49 per cent of residents expect the economy to develop similarly to the past months in the foreseeable future. Around 33 per cent fear a decrease while nine per cent think that the domestic economy will […]
WKO less optimistic than WIFO
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The Economy Chamber (WKO) has warned from overly positive economic forecasts. The Institute for Economic Research (WIFO) recently said Austrian enterprises might invest 5.6 billion Euros this year in the domestic economy, 12 per cent more than in 2011. The WKO’s industrial section announced yesterday (Weds) that firms’ spending might not rise as sharply. WKO […]
OeNB boss criticises credit rating agency
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The head of the Austrian National Bank (OeNB) has questioned Moody’s decision to lower the outlook on the Austrian economy’s further development. OeNB Governor Ewald Nowotny said yesterday (Tues) that the government’s 27-billion-Euro budget consolidation package “is a step into the right direction”. He said the rating agency may not have considered the coalition’s measures […]
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 […]
Crisis could cause more illegal work
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A downturn of the economy could lead to an increase of illicit work in Austria, an expert on the issue has warned. Friedrich Schneider of the Johannes Kepler University Linz (JKU) said yesterday (Tues) he expected illicit employment to decline by 1.1 per cent this year compared to 2011 if the domestic economy stabilised. Schneider […]