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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.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
Go to the event >