Budget hole: Does Austria have to save 12 billion?

The Austrians are likely to face an even sharper austerity rate than previously expected. Due to the persistently weak economic situation, the budget hole of up to 12 billion euros is twice as large this year as last assumed. In order to avoid an EU deficit procedure, further billions of euros of savings are necessary. The bad economic data have strongly crossed the recent plans of the Federal Government to renovate the budget. Although economic…

In order to avoid excessive deficit procedures, several billions would be needed in addition, said fiscal leader Christoph Badelt today to the budget committee. Also Finance Minister Marterbauer expects a much higher consolidation requirement than the assumed 6.3 billion euros.

In view of the much worse economic forecasts, ÖVP, SPÖ and Neos would have to save harder than expected in order to avert an EDP

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VIENNA. Specific guidelines for the departments are to be established by midweek.

The budget hole is twice as large as expected. Maraud country finances, the third consecutive year of recession and long-unnoticed warnings drive Austria into an EU deficit procedure.