Alpine Holding GmbH, the Austrian builder owned by Fomento de Construcciones & Contratas SA, started a 2.56 billion-euro ($3.4 billion) insolvency today, the country’s biggest failure since World War II.
The Institute of International Finance, which lobbies on behalf of banks, is pressing members that hold Greek government debt to support a rescue package amid concern it may not reach its 90 percent participation target.
Erste Group Bank AG still aims to pay back 1.2 billion euros ($1.6 billion) of state capital as soon as talks with supervisors about the refund are concluded and will update on the status at the end of next month.
Erste Group Bank AG, UniCredit Bank Austria AG and Raiffeisen Bank International AG were downgraded by Moody’s Investors Service on their eastern Europe business and as Europe’s sovereign-debt crisis weighs on Austria’s biggest lenders.
The Canadian government has given the country’s Wheat Board four years to come up with a plan to become a private company or cooperative under legislation that would end the board’s monopoly on marketing wheat and barley.