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20. 06. 12. - 17:00

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20. 06. 12. - 17:00

Too much saving created the Nazis says bank boss

Austria's central bank head has warned against too much austerity that he said led to the rise of Nazism in the 1930s.

Amid the eurozone's debt crisis Ewald Nowotny warned: "The single-minded concentration on austerity policy (in the 1920s and 3Os) led to mass unemployment, a breakdown of democratic systems and, at the end, to the catastrophe of Nazism."

The remarks were initially made at an event on Monday in Vienna, reported AFP.

Germany in particular has championed painful spending cuts to balance budgets and reduce debts as the principle way of restoring investor confidence in eurozone members' solvency and ending the bloc's sovereign debt crisis.

But as evidenced in recent elections in Greece, too much emphasis on cutting spending is hugely unpopular, and new French President Francois Hollande wants to water down Berlin's austerity drive with more focus on generating growth.

British historian Niall Ferguson and U.S. economist Nouriel Roubini drew a similar historical parallel to Nowotny in the Financial Times on June 8, attacking Germany's "wait and see" approach to the eurozone crisis.

German policy, they wrote in a joint opinion piece, "risks a repeat of precisely the crisis of the mid-20th century that European integration was designed to avoid."

The said: "We find it extraordinary that it should be Germany, of all countries, that is failing to learn from history."

They also said: "Fixated on the non-threat of inflation, today's Germans appear to attach more importance to 1923 (the year of hyperinflation) than to 1933 (the year democracy died)."

Vienna Times

Long Night of the Churches
Hundreds of churches Austria-wide to open their doors for the "Long Night of the Churches" (original: "Langen Nacht der Kirchen") on May, 24.

Cheapskate Tourist Almost Died In Sewer Visit
A German tourist had a lucky escape after he decided to go underground to get a view of the Vienna sewers, and fell badly breaking several bones including his hip and his leg.

Preparation for Life Ball begins
The preparations of the Life Ball in Vienna are at full blast after delays due to bad weather last weekend. Star guests like Eva Longoria and Carmen Electra are expected at Vienna Airport on Friday.

Woman killed by Vienna tram
A female pedestrian tried to cross a street in Vienna Hietzing yesterday afternoon (Tues) without paying attention to the traffic. She was hit by the tram number 60 and died at the scene.

15 minutes free parking instead of 10
The 15-minute parking ticket will replace the 10-minute parking ticket in autumn. The only alternative is to buy your parking ticket with your phone. A parking clock does not protect you from a fine.

Lightning storm causes damage in Lower Austria
810 lightning strikes have been counted in Lower Austria last night (Tues). Meteorologists state that this is not an extraordinary number but some lightning strikes resulted in fires. The fire brigade had to set out in several towns.

Spanish Riding School for everyone
The riding centre of Heldenberg, district of Hollabrunn (Lower Austria) is now offering exclusive courses: professional riders of the Spanish Riding School of Vienna teach interested riders.

Vienna advocates a ban on pesticides
Vienna has now joined those Austrian states that advocate a cooperative strategy for a ban of the neonicotinoids pesticides. Apparently, there are tested alternatives for the pesticides that are harmful for bees.

Huge debate over multilingualism in Austria
Possible projects for a "multilingual oriented educational concept" have led to a debate in Vienna. The SPÖ, ÖVP and FPÖ are currently discussing the two sides of the issue: "multilingualism as a chance" and "German as a priority".

Exhibition Drawing Against Oblivion
The Leopold Museum in Vienna opened the the exhibition "Drawing against oblivion" on 17 May. Manfred Bockelmann drew more than 60 portraits of children and teenagers, who were victims of the Nazi terror.