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 ...
They only know to lie, murder, and have others murder for them again.
It is truly their way.
One last thought "Let them rot"
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.