The borrowing of the Federal government but is not to be equated with the amount, must include the OeBFA on the capital market. The debt rolling, that is to say, old financings and need to be supported – as well as ongoing interest payments. Here, Austria is benefiting massively from the low interest rates in the Euro area.
The average rate of interest for Austria’s state fraud debt in 1990 to 8.7 per cent, ten years later, 5.3 percent. In the previous year, there were even only 2 per cent. Thus, Austria has been spared since 2008, more than 70 billion euros of interest payments.
“The risks for the state are much lower than 20 years ago”, says Bank Austria chief economist Stefan Bruckbauer. Although the level of debt in Relation to gross domestic product will grow – according to the forecast of the Ministry of Finance of 70.4 this year 81.4%. The EU deficit rules, actually 60 percent. “We have to say that the debt-to-GDP is a very significant size,” says Bruckbauer to the COURIER. “Even States with more than 200 percent, such as Japan life, in General, very well.” 200 percent today to 100 percent in the 1980s.
It is, however, on three factors: to refinance in addition to the interest payments on the willingness of the creditors, the end of debt again. This is given in Austria. The state has good ratings, the international rating agencies ascribe to the Republic, a good credit rating. And, not least, also plays a role in how much people are willing to lend the state money. Here the creditor structure shows that more could go. But Bruckbauer into perspective: “In these low interest rates it doesn’t matter.”
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