Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for December
M T W T F S S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Dont disregard insolvency for Hypo bank says WIFO head

A leading Austrian economist has caused controversy by questioning the government's stance about how to deal with ailing bank Hypo Alpe Adria.

Professor Karl Aiginger, who heads up think tank WIFO and is Professor of Economics at the Vienna University of Economics and Business Administration, said the government were too quick to completely reject the possibility of letting Hypo go bust.

"We have to look at this solution," he said. "It is absolutely unintelligent to rule out this solution."

Government officials and a task force assigned to deal with Hypo said recently that they will not be considering insolvency for the bank, despite rumours in Austrian media that this was still under discussion.

They argued that it would be too risky for the country and could snowball out of control, affecting other healthy Austrian banks.

However Aiginger has said that steps could be taken to try and manage the fallout from a Hypo bankruptcy. These could include guaranteeing billions in covered bonds, and providing financial aid for the state of Carinthia, which is unable to pay it's debts back to Hypo.

Options favoured by the government at the moment include using healthy banks to absorb some of Hypo's toxic assets, although this idea has not proved popular with banks, who feel they are already under pressure from a recent tax levy hike.

The task force are due to announce their decision over the way forward this month.

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Tag cloud:
Professor  bank  Aiginger  Hypo  Economics  solution  Austrian  billions  insolvency  Carinthia  covered  government  forward  task  bonds  bankruptcy  WIFO  affecting  financial  fallout

Latest News

 

Ebola's deadly reach impacts Vienna student
Austria has yet to record its first case of Ebola, but the feared virus has already had a severe impact on the lives of Africans living in Vienna.

Grigorij Sokolov Works His Magic At Vienna Konzerthaus
Whilst the world-famous Wizard of Oz played at the Volksoper, there was another Wizard in the Konzerthaus giving his 16th performance in Vienna!

Penelope Cruz To Play The Ice Cream Killer
The memoirs of the woman dubbed the Ice Cream Killer after she shot dead two ex-lovers before hacking the bodies up with a chainsaw and telling neighbours the noise was a new ice cream machine are due to be turned into a blockbuster with Penelope Cruz playing the lead role.

Kid Left In Coma After Beaten By Teacher For Talking
This is the shocking image of a little Chinese girl before and after she was punished by her teacher - for talking in class.

Freezing Rain Causes Chaos In Central Europe
Freezing weather has arrived in Europe with a vengeance with a layer of ice blanketing parts of Austria, Germany and the Czech Republic and causing traffic chaos.

Holey Smoke As Car Disappears Down Sinkhole
Motorist Wei Hsiao found himself in a hole lot of trouble in China when a giant sinkhole opened up on the road beneath him, swallowing his entire car.

Shock Moment Police Helicopter Explodes On Street
This is the moment a police helicopter exploded into a spinning ball of flame in Chile when a fire truck clipped one of its rotors.

More Than Twenty 100,000 GBP Motors Used In Bridal Convoy
A Chinese couple who wanted to have the most expensive wedding convoy possible arranged for a convoy of top of the range cars including a stretch Hummer followed by Lamborghinis, Porsches and other VIP motors.

Riot Police Star In Downs Syndrome Calendar
Spanish riot police have joined forces with Down's syndrome kids to take part in a special calendar for charity.

Chinese Nuclear Winter Smog Leaves Clinics Full
Fresh proof of Chinese scientists' claims that the country's toxic air pollution resembles a nuclear winter are shown by these images that show clinics and hospitals packed with patients suffering with trouble breathing.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers