Austria introducing debt moratorium for consumer, small firm loans

Austria is introducing a compulsory moratorium on loans to consumers and small companies affected by the coronavirus pandemic, Finance Minister Gernot Bluemel said on Friday, adding that the measure covers roughly three million loans.

Bluemel also outlined a programme under which the state will guarantee 90% of companies' loans of up to 120 million euros or three months' turnover, though that help comes with a ban on dividend payments for a year and a requirement that bonus payments to board members be "strictly limited".