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Greens and FPOE demand answers over Hypo

The Freedom Party and Green party have organised a parliamentary meeting next week to question the coalition government on their management of the wind down of ailing bank Hypo Alpe Adria.

They have criticised the leaders of both the Social Democrats and the People's Party for not providing enough information to the rest of parliament nor pressurising former Hypo owner Bayerische Landesbank for more financial support.

"Those who have to decide about the budget are not getting any information," said Green Party spokesperson for finance Werner Kogler.

The environmental Greens and the nationalistic Freedom Party have come together to argue that Hypo investors should be made to pay for more of the cost of creating a state vehicle 'bad bank' to absorb the toxic assets of Hypo.

"Everything must be tried to make BayernLB as the former owner pay as well. The funds and speculators which have benefited at the cost of taxpayers also have to pay," Kogler said.

Bayern LB had acquired a 50% stake in the Austrian bank in 2007 but decided they would no longer help to hold it up in 2009 by which time the nationalised bank had executed the fatal plan of expanding into southeastern European markets.

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