How Voest lost billions of Schillings
The Austrians call it das neue Event, the sudden resignation of the entire supervisory board of the country’s largest industrial group, state-run Voest Alpine, in the wake of losses amounting to nearly Asch6 billion ($339 million). The losses, though unexpected, are likely to be covered, almost as a matter of routine, by disbursement from the federal budget. What’s new–and startling –is the tough approach being adopted by the government to Austria’s huge portfolio of nationalized companies.
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