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Carinthia: here to cut debts is not a problem

The land that once belonged to the Austrian Jorg Haider overwhelmed by the collapse of Hypo bank: has debts of 10.2 billion. Now to deal with creditors relies expert of Syriza
mappa_carinziaThere is a small Greece also in the heart of Europe, blessed with “triple A” of the financial markets; a region desperate forced to cut the budget to avoid the default where you least expect it. We are in Carinthia, we jumped a few years ago the international limelight for the election of ultranationalist leader Jorg Haider. Crushed by a mass of debts of 10.2 billion euro and forced to desperate moves, the small “Austrian Greece” seems determined to follow through and all traces of Athens and was hired as a consultant one of the “gurus” of Syriza, the expert of the French investment bank Lazard, Mathieu Pigasse.
The downgrading by Moody’s
The choice appeared atutti similar to that of a football team that relies on the brink of relegation to the bench a reckless coach. And indeed the concerns were not lacking, since the figure of 10 million euro allocated by the Land Carinthia for advice. But the regional government is really with their backs to the wall. Carinzia3-25629151The rating agency Moody’s downgraded in April in one of four categories of Carinthia, passing it from A2 to BAA3. Which meant for the government of Klagenfurt, capital of the region bordering the Northeast Italian, an almost total closure to credit. The only weapon available is the gap for budget cuts. It has already gone the baby bonus of 500 Euros, intended only to mothers of Austrian, one of the glories of the administration Haider, were suppressed healthcare costs for tens of millions of euro, are no longer carried out road maintenance and for safety reasons a few days ago it was also closed some mountain trails. Which for a region that thrives on tourism it is a major blow.
Guarantees (a half) of Vienna
The troubles of Carinthia have a recent origin: own government Haider decided to become a guarantor of 10.2 billion of bonds issued by the bank regional Hypo bank. When it did crash, lenders have come forward with the authorities of Klagenfurt demanding the return of a figure made untenable for a small region. carinziaIt should be added that because of public expenditure “indulgent” Carinthia had her a debt of 3.2 billion euro compared with a budget of only 2.2 billion. The small alpine land that is untouched start a negotiation with the central government in Vienna. A few days ago the Minister of Finance Hans Jorg Schilling assured that Carinthia will not default but at the same time hinted that Vienna does not intend to support the “hole” created the Hypo bank.
A banker, but “left”
The situation now is deadlocked: Carinthia has obtained a moratorium on the debts of the bank which will expire in May of 2016 but in the meantime is to run the trading of government there and the only way is to cut the costs and investments . carinzia-paesaggio-2For maxi bill maturing from 10.2 billion will be seen, the result is a negotiation with creditors and a tight government in Vienna and Klagenfurt is for this reason that they asked aid to Mathieu Pigasse, banker and expert considered “left” that has already attended the premier greek Alexis Tsipras in the standoff with the European Union. It is a surprising decline, the one that swept the Carinthia, either by the geopolitical position it enjoys, both for the image of efficiency and rigor Habsburg who had supplied (fallaciously, would say now) Jorg Haider. Against the heirs of the deceased, among other things wants to retaliate own administration Carinthian after an investigation by the judiciary it showed “last rites” his involvement in the payment of a bribe just linked to the business of Hypo bank. And to think that until a few years ago the Northern Italian companies lined up to relocate their own activities in Carinthia felix.

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