Austria Eyes €2 Billion in Budget Cuts With Risk From ‘Dumb War’

Austria must find €1 billion to €2 billion ($1.16 billion to $2.31 billion) in budget savings as part of its consolidation efforts, with risks to the economic outlook growing from the war in Iran, said Finance Minister Markus Marterbauer.

The corrective steps will help keep the nation’s budget deficit on a path toward meeting the European Union’s target for 3% of gross domestic product by 2029, Marterbauer told the Kronen Zeitung newspaper in an interview published late Friday, without providing details of specific policy proposals.