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Public Debt
Aging Population Might Cause Debt Problems in the Future for Austria
The Austrian Ministry of Finance published a budget prognosis for the upcoming 30 to 40 years. The financial future looks bleak in Austria. More specifically, the level of debt will be rising in the next years due to an aging population.
January 5, 2023
Austria Presents Financial Budget for 2022
Austrian Finance Minister Gernot Blümel presented Austria's draft financial budget for 2022 to the Austrian Parliament in the form of the annual budget speech. The plan includes tax reforms, budget increases for various ministries, estimates regarding the COViD-19 crisis, and more. Read some of the specific provisions in the budget outlined by the finance minister.
October 14, 2021
Public Deficit Amounts to 9.4%, Public Debt to 82.6% of GDP in First Half Year of 2020
Austria's government has lost its successful path to a lower public deficit due to Covid-19. In the first half year of 2020, the public deficit amounted to 9.4% while public debt rose to 82.6%. The outlook for the second half of 2020 is not much better and an increase of public debt is expected.
September 30, 2020
"Massive New Debt" in 2021
Federal Minister Blümel announces massive new government borrowing for next year in order to tackle the ongoing Covid-19 crisis. He hopes to return to meeting the Maastricht criteria again in the next years.
September 7, 2020
Budget Deficit: Austria Threatened with Penalty
Due to the capital injections into the distressed lender Hypo Group, Austria´s 2013 budget deficit will exceed the 3.0% threshold. According to Finance Minister Spindelegger, Austria might face an excessive deficit procedure.
April 25, 2014
Croatia Faces Radical Fisal Measures
The fiscal situation of the Balkan country and youngest EU member state is disastrous. The Croat government announced to introduce new taxes.
April 25, 2014
Austrian Public Debt Almost at 80% of GDP
The Austrian public debt burden will reach a new all-time high at the end of the current year. The challenging fiscal situation is partly attributable to the capital injections into Hypo Group Alpe Adria.
April 24, 2014
Hungary: Clear Victory for Orban
Today, Hungary has held parliamentary elections. Despite controversial and radical reforms, Prime Minister Orban was confirmed.
April 6, 2014
Hungary: Orban Faces Re-Election
Tomorrow, Sunday, Hungary holds national elections. Despite the difficult economic frame conditions in Hungary, the centre-right government is expected to be confirmed for the next four years.
April 5, 2014
Slovenia: Budget Deficit to Jump to 14.7%
Due to the bank bailout, Slovenia´s budget deficit is expected to reach 14.7% of GDP in 2013.
April 2, 2014
Austria: Painful Austerity Measures Ahead
The Austrian public debt level grows massively. The disaster of the nationalized Balkan lender Hypo Group Alpe Adria is not the only reason for the unfavorable situation.
March 10, 2014
Czech Republic: Government Refrains from Fiscal Discipline
In 2013, the budget deficit was down to 2.7% of GDP from 4.4% of GDP. In the next few years, the European Commission expects a trend reversal.
March 8, 2014
Moody´s Confirms Austria´s Rating Despite Hypo Group Disaster
The rating agency has reiterated Austria´s top sovereign debt rating. Moreover, the outlook was upgraded from “negative” to “stable”.
March 1, 2014
Poland: Public Debt Falls Significantly
Due to the nationalization of the pension funds OFE, Poland´s public debt quota goes down to 50% of GDP.
February 6, 2014
Romania Reaches Agreement With IMF
Romania has met the criteria to receive a stand-by agreement by the International Monetary Fund.
February 5, 2014
Roubini: Hungary in Difficulties
A number of emerging countries are facing enormous problems, according to economist Nouriel Roubini. Also countries in Central, Eastern and Southeastern Europe are affected.
February 5, 2014
Criticism of Croatia´s Fiscal Policy
Next year, Croatia´s government wants to comply with the EU fiscal rules. According to economists, this aim is not realistic.
February 4, 2014
Austrian Government Does Not Rule Out Hypo Group´s Bankruptcy Anymore (2/2)
In the past few weeks, the Austrian government and the Austrian National Bank excluded this alternative categorically. Now, the bankruptcy scenario seems to be an option again.
February 4, 2014
Austrian Government Does Not Rule Out Hypo Group´s Bankruptcy Anymore (1/2)
In the past few weeks, the Austrian government and the Austrian National Bank excluded this alternative categorically. Now, the bankruptcy scenario seems to be an option again.
February 4, 2014
Bulgaria: IMF Puts Pressure on Government
The International Monetary Fund demands Bulgaria´s government to accelerate economic reforms.
February 3, 2014
Bucharest: Fitch Affirms Sovereign Debt Rating
The U.S. rating agency Fitch has kept the long-term issuer default rating at “BBB-“. The outlook remains stable.
February 3, 2014
Czech Republic: Euro Not Before 2020
Czech new Minister of Finance Andrej Babis thinks that the euro will not be introduced in the next few years.
February 3, 2014
Hungary: Next Currency Crisis Ahead
The extremely loose monetary policy begins to become a problem for Hungary. The forint exchange rate is going up considerably.
February 1, 2014
“Croatia Going through Very Difficult Period“
The World Bank calls for structural reforms in the Western Balkan state.
January 27, 2014
S&P Keeps an Eye on Slovenian Banking Sector
The rating agency highlights the critical conditions of the Slovenian banking industry.
January 25, 2014
Romania´s President Opposes the IMF
Traian Basescu is strictly against imposing an additional tax on fuel. Whether Romania will achieve the budget target is highly uncertain.
January 24, 2014
Austria Far from Reaching Fiscal Targets
Josef Moser, President of the Austrian Audit Court fears that the zero deficit cannot be achieved until 2016.
January 18, 2014
Hypo Group Alpe Adria: Austrian Government Becomes Nervous
Although the participation of the private banking sector is unrealistic, the Austrian government does not give up. However, the time pressure grows week by week.
January 18, 2014
S&P Optimistic About Slovenia
The U.S. rating agency reiterated the Slovenian sovereign debt rating at A-. The outlook remains “stable”. S&P´s analysts consider Slovenia´s crisis management as adequate.
January 17, 2014
Hypo Group: No Alternative to Bad Bank
The time pressure on the Austrian government is growing day by day. The nationalized Austrian problem bank urgently needs a bad bank.
January 14, 2014
CESEE: Lack in FDI Causes Modest Economic Growth
The International Monetary Fund (IMF) is cautiously optimistic about economic growth in CESEE.
January 14, 2014
Czech Fiscal Policy: Major Difficulties Ahead
Despite austerity measures, the Czech debt spiral was up considerably in the past years.
January 11, 2014
European Savers in Danger
Already this year, savers in the Eurozone may fear a compulsory tax on deposits, the Danish Saxo Bank says.
January 4, 2014
Czech Budget Deficit Lower than Expected
In total, the Czech budget deficit will come at 2.0% of GDP. Before, the budget deficit was estimated to come at 3.4% of GDP.
January 4, 2014
Czech Economy to Return to Growth
After two years of GDP contraction, the Czech Republic will reach moderate economic growth rates in 2014.
January 2, 2014
Croatia: National Bank Forecasts Decent Growth in 2014
Private and public consumption are anticipated to shrink further. Nevertheless, Croatia is expected to return to growth next year.
December 31, 2013
Austria: Hard Times for Regional Banks
Not only large banks are under pressure. In 2014, Austrian regional banks expect enormous challenges to deal with.
December 31, 2013
Slovenia: Public Debt Grows Unstopped
For Slovenia, the banking sector has infected the public sector for a long time. Now, Slovenia´s public debt begins to reach a dangerous level.
December 30, 2013
„Such Growth Rates Will not Return“
In an interview with the Austrian daily “Presse”, economist Karl Aiginger explains that the worst should be over. The reform pressure on the Austrian government is enormous.
December 30, 2013
Austrian Public Debt Reaches New High
The total size of public debt was never before so high. In the next years, the public debt ratio will come close to 80% of GDP.
December 30, 2013
Poland: Komorowski Approves Pension Reform
Poland´s President Bronislaw Komorowski has signed the nationalization act. However, he will send the law to the Constitutional Court.
December 28, 2013
Hungary: Best Economic Outlook since 2002
After the country had left the double-dip recession, the Hungarian economic sentiment index has reached the highest level in more than 11 years. Nevertheless, the country still has to manage number of fundamental risks.
December 28, 2013
Croatia Needs Major Bridge Loan
In order to cover its fiscal shortfall, the youngest EU member country takes a bridge loan in the amount of € 200m.
December 28, 2013
Slovenia: PM Bratusek Confident About Tackling State Debts
Even though the country is expected to issue new state bonds next year to tackle state debts Prime Minister Alenka Bratusek suggested that Slovenia does not require loans immediately.
December 23, 2013
Austria: New Government Already Disappoints in the First Week
In 2014, Austria will not achieve its fiscal objectives, new Minister of Finance Michael Spindelegger admitted. Austria´s fiscal situation is observed critically. The country faces a new austerity package.
December 23, 2013
Bulgaria Still Below Pre-Crisis Level
The World Bank predicts that Bulgaria will not reach the pre-crisis level before 2008 in terms of GDP. Regarding Bulgaria´s fiscal situation, the country performs well, though.
December 20, 2013
Serbia: EU Accession Talks in January Fixed
Prime Minister Dacic considers results as “historic event” for Serbia.
December 18, 2013
Hypo Group Insolvency: Total Damage of € 26bn
Ewald Nowotny, governor of the Austrian National Bank (OeNB), warns of follow-up costs in case of a bankruptcy of the Austrian nationalized lender.
December 17, 2013
Czech Republic: Lowest Increase in Public Debts in 17 Years
According to the government’s Funding and Debt Management Strategy, public debt should exceed CZK 2,000bn by the end of 2016.
December 17, 2013
Poland: Budget Bill Approved by Lower House
On Friday, the Polish lower house Sejm approved next year’s budget bill which schedules the budget deficit of PLN 47.6bn not to be exceeded.
December 16, 2013
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