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Hypo haircut law passes in Austrian upper house
July 24, 2014 / 3:06 PM / 3 years ago

Hypo haircut law passes in Austrian upper house

VIENNA, July 24 (Reuters) - Austria’s upper house of parliament passed a law on Thursday that will wipe out the claims of subordinated debt holders in Hypo Alpe Adria .

The law, which enters uncharted territory for debt markets because the creditors had guarantees from Hypo’s home province, had been expected to pass after being approved by the lower house of parliament earlier this month. (Reporting by Georgina Prodhan; editing by Jane Baird)

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