Austria's state debt on the brink: EU threatens to deficit!
Austria's state debt on the brink: EU threatens to deficit!
Wien, Österreich - An alarming budget hole is currently causing excitement in Austria. As Today. The fiscal council presidium under Christoph Badelt plans to present current figures and recommendations on public finances on December 15th. A financial hole will assume between 15 and 23 billion euros. The main contestation in the upcoming coalition negotiations between the ÖVP, SPÖ and NEOS will be the topic of austerity measures, since Austria does not comply with the EU debt rules.
EU under pressure
The EU threatens a deficit procedure if Austria does not provide a package of measures in the coming weeks that the deficit could push below the fixed limit of three percent by 2025. The SPÖ in particular is ready to accept such a procedure in order to reduce the pressure on the government. They argue that the savings guidelines in a deficit procedure would not be so strict and that the country could win financial scope for over seven years. This is in contrast to the views of the ÖVP and NEOS, which require immediate savings to stabilize the business location.
The new situation makes it clear that Austria has urgent need for action. As
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| Ort | Wien, Österreich |
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