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468367315 / News Footage / Apr 27, 2015
Clip ID 1718232
Creator AFP
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Description
STOCKSHOTS: Images of the bank Hypo Alpe Adria Group (HGAA) The Austrian banking group Hypo Alpe Adria (HGAA) continues to cause trouble to the Austrian economy. In December 2014, its bankruptcy cost German bank BayernLB around 3.7 billion euros and the Austrian State around 5 billion euros. HGAA, the local public bank in Carinthia, ran into trouble after embarking on a breakneck expansion into the Balkans as well as Italy and Germany via acquisitions and risky investments. STOCKSHOTS
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