S&P reacts to Hypo Alpe bail-in

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S&P reacts to Hypo Alpe bail-in

Austria’s decision to wipe out subordinated bond holders of nationalised lender Hypo Alpe Adria — despite a guarantee from the State of Carinthia — triggered an unwanted knock-on effect on Thursday, with rating agency Standard & Poor’s judging that the decision reflected the country's growing reluctance to support its financial institutions in times of crisis.

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