Austria Agrees to €450 Million Bailout Package | Financial Buzz

Austria Agrees to €450 Million Bailout Package

Austria has accepted a smaller than expected bailout package for Lufthansa unit Austrian Airlines of 450 Million Euros or USD 508 Million in loans and grants.  The government will guarantee 300 Million Euros, including 150 Million Euros in grants.  Lufthansa has pledged to provide its Austrian unit with an additional 150 Million Euro grant of its own. 

This bailout packages comes after the 9 Billion Euro bailout deal between Lufthansa and the German government.  It is smaller than the originally applied for 767 Million Euro package from the Austrian government.  Lufthansa has chosen not to comment as the Austrian government could not be reached for comment.