Austria has been criticised for its high public debts. The European Commission (EC) announced yesterday (Weds) the country – which became a member of the European Union (EU) in 1995 – must do more to reduce its debts. The state’s debt ranges around 74 per cent of the gross domestic product (GDP). EU rules say […]
The Social Democrats (SPÖ) and regional power brokers have attacked Maria Fekter. The People’s Party (ÖVP) finance minister announced yesterday (Mon) she wanted to sanction provincial governments which breached the harsh new budget rules. Fekter said the agreement between the federal government and the provinces should not expire in 2017. The SPÖ-ÖVP coalition wants to […]
The Austrian travel agents Association has confirmed London is now one of the top destinations for Austrians looking to enjoy an Easter break. London shares the top spot with Spain, the Dominican Republic and the Maldives as the most popular Easter break. For the package holiday deals Egypt, Turkey and Spain topped the list. All […]
The opposition has turned its guns on the government over the latest savings package. The Social Democrats (SPÖ) and the conservative People’s Party (ÖVP) hope to save around 28 billion Euros in the coming years thanks to the budget consolidation pact. The package was passed in parliament yesterday (Weds). The opposition did not approve the […]
With the spring temperatures finally upon us, Austrian herbs are starting to show their first signs of life. The official herb year begins for expert Inge Daberer and Chef Walter Schmitz in March with the end of the month also seeing the release of their new herb cookbook. The new herb cookbook contains 100 specialist […]
Bank Austria (BA) CEO Willibald Cernko has warned from letting Greece go bust. Cernko said at the weekend Europe “should consider very well whether it would be a good idea to dismiss a country from the Eurozone.” The banker claimed such a move “would put the European project into question.” The BA chief warned that […]
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 […]
Bernhard Felderer, who heads the Vienna economic think tank the Institute of Higher Studies (IHS), has said that last nights Euro-zone stability package was “a reasonable solution” that had already begun to stem speculation against the Euro.Speaking today (Mon) Felderer said: “They (finance ministers) did not have many other options,” adding that “it is not […]
By Thomas HochwarterSPÖ Chancellor Werner Faymann has announced plans for a new economy stimulus package as figures show unemployment soared almost 20 per cent year on year last month.The Social Democrat said today (Tues) he wanted to introduce a third stimulus package, adding he had “many plans” to help people to “gain better qualifications”.Faymann claimed […]