Alpine, the country’s second largest construction company, which is a subsidiary of the Spanish FCC group, initiated voluntary insolvency proceedings on June 19. A victim of the crisis and difficult market conditions in central Europe — Alpine is active in both Poland and Romania — the company has accumulated debts of €2.56bn, which, as Der Standard points out, makes it the biggest bankruptcy in the history of post-war Austria.

The largest part of the group, which employs 15,000 people, is to be closed or sold. Only the Austrian division will be maintained, which will preserve some 4,600 jobs in the country.