Deficit this year at 4.4 percent: Savings needs rise to 12.7...

Austria will also significantly exceed the three-percent deficit target this year, the Fiscal Council has calculated in a quick estimate. Experts doubt the scope of the government's austerity package.

A higher budget deficit in the federal government will also affect the Vienna city budget, Vienna's mayor Michael Ludwig, top candidate of the SPÖ. One will not need a "hard austerity package", but consistent action to save money.

The budget gap is larger than expected: The Fiscal Council expects new debt of 4.4 percent of GDP this year – more than originally assumed. This puts Austria well above the EU limit of 3 percent and is heading for an EU deficit procedure. However, for SPÖ Finance Minister Markus Marterbauer and many economists, this is "no big deal." What lies behind the […] The article 4.4 percent new debt: This is what an EU deficit procedure means for Austria…