Austrian Finance Minister Hans Joerg Schelling
said Wednesday an agreement in principle had been reached with the stricken
Hypo bank's creditors that had threatened to bankrupt the state of Carinthia.
Austria's cash-strapped state of Carinthia
edged closer to bankruptcy Thursday after creditors rejected its plea to
forgive some of the debts owed by stricken state lender Hypo Group Alpe Adria
(HGAA).
Austria's cash-strapped state of Carinthia has asked creditors to write off some of the debts owed by its stricken state lender, in a bid to avoid possible bankruptcy.
Austria has agreed to pay the German state of Bavaria €1.23 billion ($1.07 billion) to end a bitter and long-running dispute over a bank deal that went disastrously sour.
Austria's Constitutional Court has overturned a law that had cancelled nearly a billion euros of debt owed by defunct bank Hypo Alpe Adria, saying some creditors were treated unfairly.
Austria’s “bad bank” Heta Asset Resolution, set up to hold the non-performing assets of the failed Hypo Alpe Adria bank, requires an additional capital injection of €7 billion ($7.9 billion), according to the latest financial statement.
The Austrian state of Carinthia has filed a lawsuit against the family of far-right politician and former governor Jörg Haider, who died in a car crash in 2008.
Austria’s Finance Minister Hans Jörg Schelling has approved an agreement with Carinthia over a €343 million ($385 million) loan which the province needs to avoid an immediate insolvency, after weeks of tough negotiations.
Negotiations are continuing on Monday between the government of Carinthia - the home province of defunct lender Hypo Alpe Adria - and ministers in Vienna.
Bank deposits in Austria will no longer be protected by the state in the event that a bank fails, according to new legislation which will come into force in July.
Witness testimony begins on Wednesday in the parliamentary investigation into the mismanagement of Austria’s defunct Hypo Alpe Adria bank - the country's worst postwar financial scandal.
The Chief Executive of German lender BayernLB, Johannes-Jörg Riegler, has said Austria is trying to escape its responsibilities in the Hypo banking affair.
Austria could face years of legal battles over its decision to pull support of its "bad bank" Heta, the German BdB banking federation warned on Tuesday.
German banks could face substantial losses from a looming haircut on their loans to Austria’s so-called “bad bank” Heta, but the losses will be manageable, rating agency Fitch said on Thursday.
Jörg Haider may be long dead, but the colourful far-right politician who praised Hitler's "orderly" employment policies is coming back to haunt Austria's public finances, potentially with wider reverberations throughout the eurozone.
Austria’s Finance Minister Hans Jörg Schelling (ÖVP) has rejected a comparison between the Hypo Alpe Adria bank “bail-in” and the economic situation in Greece as "completely inappropriate".
Austria has announced it is halting payments on more than €11 billion ($12.28 billion) in debts of the failed Hypo Alpe-Adria-Bank International AG until it has found a way of winding down the bank without imposing more costs on taxpayers.
According to a report from Reuters, a consortium including U.S. investor Excellere Capital Group is seeking to acquire the 'bad bank' formed as part of the process of disposing of the assets of the failed Austrian bank, Hypo Alpe Adria.
Austria's parliament has launched an investigation into the failed Hypo Alpe Adria bank, and will call several high-profile figures to testify over the lender’s near-collapse and role in increasing state debt and the budget deficit.
Austria has filed a lawsuit against BayernLB on the grounds that it believes it was misled by the German lender over the true financial state of the Hypo Alpe Adria bank, which had to be nationalised in 2009.
The organisers of the Hypotopia model-city project staged a protest march on Thursday from a central square in Vienna to the national parliament building - carrying the weighty concrete blocks of their project with them.
Munich district court has given former BayernLB Chief Executive Werner Schmidt a suspended prison sentence of 18 months for bribing Austrian politician Jörg Haider when acquiring the Hypo-Alpe-Adria bank.
In the on-going multi-billion euro scandal, the bad news keeps coming, with a new report that tax police in Udine, Italy have just laid charges for fraud against seven former managers of the troubled Austrian bank's Italian subsidiary.
