SPÖ Supports Idea of Forced Loans

Today, the leader of the Austrian Social Democratic Group Josef Cap expressed his support for the German idea to introduce forced loans for rich individuals. „This is a very reasonable proposal.“ he said. „I plead for it – for countries which face big financial difficulties.“ It would be an opportunity to achieve a balanced budget, Cap said.

One day before, the social democratic member of the European Parliament Jörg Leichtfried declared himself in favor of forced loans for rich individuals. „Wealthy persons should borrow money to the state at low interest rates.“ Leichtfried emphasized that this would be no expropriation as these funds would go back to the lenders.

The Financial State Secretary Andreas Schieder (SPÖ) shows skepticism. There would be many remaining questions, he said. Property taxes would be a better idea than forced loans. Nevertheless, every idea for a „fair distribution“ is welcome, Schieder says. In Germany, the size of forced loans could reach up to € 230bn.