Austrian authorities agreed Friday to tighten the rules on investing public money after it emerged that one local government had lost some 340 million euros ($445 million) on risky financial instruments.
Finance Minister Maria Fekter told a news conference that the aim was for the federal and state governments and local authorities to hammer out by the end of June a “comprehensive package aimed at ensuring that speculation with taxpayers' money can no longer happen.”
Last month authorities in the state of Salzburg said a rogue finance department employee had racked up the losses by trading in high-risk derivatives, and had forged signatures and approvals.
The scandal has led to calls for elections in Salzburg and state premier Gabi Burgstaller has offered to resign if it emerges she did anything wrong. - Sapa-AFP