Hypo Alpe Adria : Rescue subject to caution

The winding down of Hypo Alpe Adria, endorsed by the European Commission, is very problematic. Nationalised in 2009 to avoid insolvency, HAA, Austria's seventh largest bank, has been a thorn in Vienna's side for years and will probably remain so, given the controversy over the proposed solution. No less than €5.5 billion in public support has been injected into the bank to keep it afloat. It will take another €4 billion to cover its losses and refinancing needs this year.…