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Der Standard - Austria | Monday, June 30, 2014

Hypo Alpe Adria: Bavarian outcry is hypocrisy

Several investors of Hypo Alpe Adria Bank - which was nationalised in 2009, including the German state of Bavaria, are threatening to take legal action in view of Austria's plans for a debt restructuring. The left-liberal daily Der Standard also has its doubts about whether the measure is legally watertight: "The problems begin with the bail-in put forward on the EU level by the finance minister, by means of which a restructuring contribution can be demanded of future investors. Provisions that will come into force in 2016 will make it very difficult to win legal disputes before the Constitutional Court or the European Court of Justice. ... But things look different with the Bavarians. Münchner Landesbank helped cause the Hypo debacle and then shirked all responsibility. However it knew more about Hypo's bad loans than the other bond underwriters. The Bavarians' outrage borders on hypocrisy."

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