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The closure of the Hypo Alpe Adria bank, which was nationalised in 2009 “has become the most costly financial scandal in Austrian history,” remarks Die Presse.
The bank will need €2.6bn between now and 2017, including €1.9bn this year. With four weeks left to run before general elections on September 29, “these figures have fired up the election campaign,” notes Die Presse —
All the parties have pledged to cut taxes. But given the burden of Hypo, it will probably be impossible to keep these promises.
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The European Commission has approved a plan for the orderly wind down of Austrian bank Hypo Group Alpe Adria, which includes provision of state aid up to a limit of €11.7bn.
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