Austrian government guarantees safety for all bank savings (10/9/08)
Chanecellor Gusenbauer promised in the course of international financial crises the unlimited safety for savings at Austrian banks. The new law is retroacting valid since 1st October.
If it’s necessary the government holds out a nationalized responsibility for banks as well. Banks which have surplus liquidity should dispose their financial means in a clearing station of the Austrian control bank to help other banks, says financial minister Wilhelm Molterer.
Austrian banks are not in danger, is the conventional wisdom. All those new decisions are just arrangements to guarantee cover and protection. The government has also banned short selling from Austrias stock exchange market.
Faymann and Gusenbauer are trying to calm down Austrias population. “Everything is in control. Our banks are solid. Austria is in a very good situation. Nobody in Austria has to fear about his bank savings”, they say.
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4 comments:
I think this article is suppose to insure Austrian banks and citizens that their money is safe. It is saying that, unlike our banks, Austrian banks are not having any financial issues and that the people of Austria does not have to worry about losing any of their savings. The Austrian government has guaranteed to cover and protect all of their banks and have banned situations of people being taken advantage of in the stock exchange market.
I wish that we as Americans could relate. With the financial crisis that we are facing today many people are discovering that may lose their hard earned money due to the failing of some banks. I believe that this upcoming election will play a vital role in the direct of which our economy will go. It is refreshing to hear good news for those across the water; however it would be even more refreshing to reap similiar benefits in the times we are currently facing.
The article is interesting, while the great United States is going through financial crisis, you see a country like Austria reassuring her citizens and population, that they should not panic, their money, their savings at Austria's banks are under control. The amazing thing is, they have devised ways for Austrian banks to be able to help other banks stay financially fit. The good news is no body in Austria has to fear about his bank savings, unlike the people in the great United States. Once again, is the Austria government being truthful to her population?
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