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Hypo will not be allowed to go bust SPO say

SPO reject rumours about Hypo bank being allowed to go bust

Rumours over whether the struggling Hypo Alpe Adria bank will be allowed to go bust have been rejected by the parliamentary leader of the Social Democrats (SPO).

Head of the SPO group in parliament Andreas Schieder has said that this would be a too dangerous path to consider.

"I see this as playing with fire," he said. "There are no contained bankruptcies. Questions about deposits, guarantees and spillover effects cannot be answered in a controlled way."

The comments come after the newspaper Wiener Zeitung reported that the government was still discussing whether Hypo could be allowed to fizzle out whilst the state of Carinthia remained protected with long term loans from the government.

Earlier this week a task force assigned to look into ways of dealing with Hypo recommended that support should be sought from commercial healthy banks to take on some of the bad assets from Hypo, thought to amount to around 13 billion euros. The government are now in conversation with Austria's healthy banks and expect to announce a decision in the next month about the way forward.

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