Finance Minister Maria Fekter told Austrian television Sunday that health spending , pension obligations and the state railway system are in the crosshairs as the government looks for annual budget savings in excess of $ 2 billion . Austria 's credit downgrade hidden behind France but could have wide impact . The country has low unemployment but is exposed to financial crisis in Italy and Hungary . As in the U.S. and across Europe there is fierce debate over proposed tax increases and spending cuts to reduce the deficit . Some economic historians believe it was a tax failure in Austria that started what would become known as the Great Depression .
Austria 's credit downgrade hidden behind France but could have wide impact . The country has low unemployment but is exposed to financial crisis in Italy and Hungary . As in the U.S. and across Europe there is fierce debate over proposed tax increases and spending cuts to reduce the deficit . Some economic historians believe it was a tax failure in Austria that started what would become known as the Great Depression .