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Germany faces budget shortfall (10 billion Teuro's)
Globetechnology ^ | September 30 2002 | NICK ANTONOVICS

Posted on 09/30/2002 3:44:39 PM PDT by knighthawk

BERLIN -- German Finance Minister Hans Eichel admitted yesterday Germany faces a 10-billion-euro hole in its 2003 budget as the re-elected Social Democrats (SPD) and Greens prepare to sit down to negotiate a new financial plan.

In an interview with today's edition of Sueddeutsche Zeitung newspaper, coinciding with the start of coalition negotiations, Mr. Eichel scaled back earlier growth forecasts, but said he remains committed to a goal of balancing the federal budget by 2006.

"The budgetary adjustment needed for 2003 is around 10 billion euros," Mr. Eichel told the newspaper, according to the edition published on its Web site. "Because of this we need to cut spending. I also want to end a number of tax subsidies."

"I remain committed to presenting a balanced federal budget by 2006," Mr. Eichel added.

Germany also faces budgetary problems in 2002. Magazine Der Spiegel said the federal government alone faces a shortfall of 13 billion euros and the total public sector deficit, including borrowing by the country's 16 states, would breach the European Union's agreed limit of 3 per cent of national output.

(Excerpt) Read more at news.globetechnology.com ...


TOPICS: Germany; News/Current Events
KEYWORDS: budgetshortfall; germany
'Teur' means expensive in German. So they decided to name the Euro 'Teuro'!
1 posted on 09/30/2002 3:44:39 PM PDT by knighthawk
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To: MizSterious; rebdov; Nix 2; green lantern; BeOSUser; Brad's Gramma; dreadme; keri; Turk2; ...
Ping
2 posted on 09/30/2002 3:45:15 PM PDT by knighthawk
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To: knighthawk
Germany used to have a labor shortage so they imported Turks. Now they can't find work for 4 million unemployed, yet the govt keeps on spending pork and taxing business to death. Ain't socialism wonderful? Then again, I'm from Canada.
3 posted on 09/30/2002 3:49:27 PM PDT by CanadianFella
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To: knighthawk
Screw Germany

They only know to lie, murder, and have others murder for them again.
It is truly their way.


4 posted on 09/30/2002 3:55:28 PM PDT by Diogenesis
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To: Diogenesis
Great post by Diogenesis. German fingerprints are all over Sadaam's efferts to acquire WMDs.
5 posted on 09/30/2002 6:20:18 PM PDT by Malesherbes
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To: knighthawk
Germany has serious economic problems which the public failed to grasp in the recent election. Shroeder used Bush and Iraq as his platform, and here we are two weeks later...and the truth is that Germany has a dark economic period coming up over 2003.
6 posted on 10/01/2002 10:20:02 AM PDT by pepsionice
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To: knighthawk
Why not just go back to printing cash as fast they can, like they did in the 30's.

One last thought "Let them rot"

7 posted on 10/01/2002 10:30:49 AM PDT by husky ed
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