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Komarek, Eva

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Wirtschaftsblatt - Austria | 11/12/2012

Only professionals should invest tax money

An employee of the Austrian state of Salzburg is said to have incurred losses of around 340 million euros on speculative trading. Because such speculation is not an isolated case in Austria, only experts working for the federal government should be be trusted to invest tax money, the business paper Wirtschaftsblatt suggests: "The only sensible solution is to put professionals in charge of investing tax money. The federal government has established clear guidelines in this area with the Austrian Federal Financing Agency. So one possibility would be to put that Agency in charge of managing funds from the states and municipalities. The Agency would then have to hire expert personnel, so as to place the additional funds in sound investments on the one hand, and on the other to work on equal terms with the banks. That would avoid over-dependency on the banks' advice while benefiting from their investment services."

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