If Carinthia required “extraordinary central government support” as a consequence of the triggering of Heta bond guarantees, as
Moody's envisages, it would be an indirect bail-out of Heta bondholders by the Austrian government. And even if Carinthia did not need central government support, it would still be a bail-out of Heta bondholders by Carinthian taxpayers. However you look at it, allowing these guarantees to stand undermines the EBRRD principle that creditors should take losses before taxpayers.
[..]
This suggests that the Austrian authorities intend to find a way of overturning the guarantees. The debt service moratorium imposed by the FMA gives the authorities time to examine the legal alternatives.
Parafrasando Uderzo: SPQA
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