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Europe Daily Bulletin No. 10502

25 November 2011
Contents Publication in full By article 13 / 42
GENERAL NEWS / (ae) eu/austria
Austria takes action to keep its AAA rating

Brussels, 24/11/2011 (Agence Europe) - Due to the increased cost of borrowing on the money markets, Austria has taken drastic measures to ensure it hangs on to its coveted AAA credit rating (the top rating). Austria's central bank is requiring the country's banks (Erste, for example) to slash lending in central and Eastern Europe. In 2012, Austrian banks will only be allowed to lend up to €110 for every €100 they have on deposit in subsidiaries in central and East European countries. The...

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