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

Joerg Haider

Ruling SPÍ and ÍVP Coalition at Record Low Over Hypo Scandal

Austria's coalition government is under fire over its management of a banking crisis in which it agreed to nationalise the Hypo Alpe Adria bank in a move that has saddled the country with an estimated 18 billion euros in debt.

The Carinthian Hypo Alpe Adria was a bank that had expanded too quickly with heavy investments in particular in the Balkans where its activities were backed by Austrian local government guarantees. At the time Carinthia was ruled by the now deceased far right Freedom party leader Jörg Haider, who in exchange for guaranteeing the bank used it like his own personal piggy bank to fund voter winning ideas.

But before the banks serious problems became apparent Haider had managed to sell it to a German bank owned by the Bavarian government and he famously told people in his southern Austrian province: "Now we are rich."

Yet in a move not yet properly explained Austria's coalition government of the left-leaning social Social Democrats (SPÖ) and the conservative People's party the ÖVP decided to buy the bank back for a nominal fee of one euro, freeing the German bank and the German regional government from the eventual disaster that the bank was to become.

The Hypo disaster has been a stick that the government has used to criticise the far right Freedom party of the FPÖ, at least until recently where the scale of the debt has become apparent, and Austrians are now asking exactly why it was that Austria had bought the bank back? Voters are also reportedly fed up at the way each new day seems to bring fresh revelations about government mismanagement of the project of people increasingly asking why is it even now so many years later that there is still no solution.


The matter was brought into sharp focus with the decision by Haider's daughter Ulrika to enter politics as a candidate for her fathers breakaway political party the BZÖ in the upcoming European Parliamentary election.

She said: "The reality is that my father sold the bank at a profit to the Austrian taxpayer. The question is, why did the Austrian government then buy it back?"

The question seems to be one that voters are asking themselves. The ÖVP is already lying at a 20% voter share with the SPÖ at between 23 and 25%.

The far right Freedom party of Heinz Christian Strache in contrast is estimated at being between 25 and 27%.

The Green party that for too long has been seen as uncritical of the social Democrats with many local coalitions in operation has also suffered as a result losing ground against the new liberal NEOS with the two parties now battling it out for fourth and fifth place.

Austrian Times


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


Cosmo and Nanu
ORF Watch

Tag cloud:
debt  euros  apparent  social  Ouml  Freedom  German  government  guarantees  voter  estimated  disaster  Democrats  bank  coalition  Haider  Austria  Carinthian  management  Hypo

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