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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

Birth balance negative once again
The birth balance of 2012 has been negative for the first time in three years. This was due to an increase in deaths. Another trend is that women give birth to their first child when they are older.

Suspected fraud in community flats sector
Five recently renovated community flats are being taken apart again. The state-housing organisation "Wiener Wohnen" is examining whether the renovation works have been carried out properly.

Long Night of the Churches tonight
The programme of "Long Night of the Churches" offers hundreds of events in Vienna alone. It partly focuses on the topic of asylum. The question whether aliens go to heaven will also be discussed.

Army officer sentenced over getting recruits to lay flooring at his house
The state court of Vienna sentenced a second lieutenant of the Austrian Army to nine months in jail due to misuse of authority. He had three recruits lay the flooring in his own house.

Child injured on zebra crossing
A ten-year-old girl was severely injured in a car accident in Vienna-Margareten yesterday (Wed). A car hit her on a zebra crossing. It remained unclear whether the girl or the driver was supposed to wait.

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.