The economic climate has claimed an alpine music festival as a casualty.
A European music festival has been cancelled due to the harsh economic climate, it has been revealed.
Snowside 2009, which was set to be held from March 23th to 29th in Austria, has had the plug pulled due to the worsening conditions in the global economy.
The festival would have been the first alpine bash produced by UK festival firm The Secret Garden Party and Eddy Temple Morris' The Remix.
In a statement, the event's organisers cited reasons such as the sterling-euro exchange rate, the credit crunch, rising costs and poor ticket sales.
"All these factors combined have contributed towards us at Snowside having to make this very difficult decision," the dispatch revealed.
Those who have already booked for the festival have been offered a full refund plus £10 compensation or a holiday of equal value of their tickets.
Acts which were lined up to play the event included art-pop crew Metronomy, electro-prog rock group Shy Child and Irish band The Japanese Popstars.
Last week, it was revealed that Massive Attack, The Klaxons and MGMT are among the bands confirmed for this year's Bestival.
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