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


Events for October
M T W T F S S
29 30 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
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:
forward  bankruptcy  bank  Aiginger  Hypo  Austrian  WIFO  solution  government  Carinthia  Professor  bonds  covered  financial  affecting  Economics  fallout  task  billions  insolvency

Latest News

 

Get Shorty As Confused Bald Ibis Gets Lost Again
A rare bald Ibis that seems to have a different sense of direction to her fellow birds has once again had to be rescued after getting stuck trying to find a different route to the southern Italian feeding ground.

Alpine Trains Venture Into Space As The Final Frontier
Austria’s national railway line the OeBB has raised eyebrows after offering themed toilets including one that is supposed to "look and smell like outer space".

MEP caught In Brit papers Fraud Probe Jailed
A corrupt MEP caught by a British newspaper offering to propose amendments to EU laws in exchange for 100,000 euros a year has been given a three-year-jail term.

Vienna Jihad Girls Want To Come Home
The two Austrian teenage girls who became ‘poster girls’ for the jihad in Syria are now desperate to come home after getting completely disillusioned with their new lifestyles.

Mega-Station Opens
There was a festival atmosphere as Bundespresident Heinz Fischer opened Vienna's new Hauptbahnhof Friday morning.

Apple Truck Causes Traffic Jam
When 24 tonnes of apples are catapulted across a road it can only mean a jam.

Farmer Cleared Over Wolf Shooting
Furious animal rights campaigners have accused an Austrian farmer of lying after he shot dead a wolf that he claimed he thought was a fox.

Rare Bald Ibis Makes Microlight Flight To Italy
The project to introduce an extinct bird back to Europe is hailing success after successfully negotiating a new route over the Alps and training 14 Northern Bald Ibises how to fly south to winter feeding grounds in southern Tuscany.

Pat On The Back From Manure Explosive
A traffic cop in Austria got more than he bargained for after a booby trap covered him head-to-toe in manure as he was trying to catch people speeding.

Viennese Jihad Girl May Have Been Killed
Austrian police say that one of the two attractive young teenage girls who fled the country to go to Syria to fight on the side of Islamic rebels may have been killed.

 


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