Posted on 11/25/2002 10:06:01 PM PST by John Lenin
BERLIN - Germany's spiraling tax revenue shortfall is more than EUR 15 billion deeper in the red than feared, putting the total figure at over EUR 50 billion, Deutsche Presse-Agentur dpa learned Friday.
Sources in the German Finance Ministry put the new shortfall for 2002 and 2003 total at EUR 52.5 billion - compared to the EUR 31.4 billion unveiled by a red-faced Finance Minister Hans Eichel announced only last week.
The dpa sources in the ministry's financial planning council said Eichel would summon state and regional officials to Berlin next week for crisis talks on the deficit.
Earlier this week the European Commission launched a formal rebuke against Germany for allowing its 2002 budgetary deficit to breach the eurozone stability pact threshold of 3 per cent of GDP.
European Monetary Affairs Commissioner Pedro Solbes announced the decision when he presented a report on the state of the German budget.
The move follows last week's assessment by the commission that Germany's budget deficit would rise to 3.8 per cent of GDP this year, falling to 3.1 per cent in 2003.
The dpa sources said Friday that Eichel still hopes to keep the deficit at 2.75 per cent of GDP, and that that goal will be the focus of talks with state and regional leaders next week in Berlin.
DPA
snicker... American translation of Schadenfreude
It should hardly be allowed even to TAKE office!
It gives me no great comfort to say this, but a man needs to ride in from the wings on a brown horse and take that country over, dismissing all non-German ethnic residents, and making strong claims for due justice and return of all German lands and rights now held in Poland, Czech Rep., and yes even Konigsberg.
Now I will get flamed, among other reasons, by those saying such a thing is impossible, could never take place in today's Europe. It will dash so many bright hopes and delusive dreams. It may even be many months or a few years away, but be careful. He is on his way, I hear his foot steps.
Everyone but themselves.
We (USA) did that much last month.
Germany is in trouble because they are a socialist country whose overly generous benefits to both working and retired citizens is finally coming due.
If they stay on the same track it will only get worse.
As far as purchasing stocks in German companies, some mutual funds have bought German companies. There's Daimler Chrysler, but they've also got substantial operations in the US. And Deutsche Bank has invested much more in the US than any US bank has invested in Germany. But there aren't that many German companies that are listed in the United States.
Germany does buy a fair amount of consumer products from American companies, and we buy a fair amount of their automobiles, machine tools, and beer, among other things.
So yes, Germany and the US are linked, but they need us a hell of a lot more than we need them.
The problem IMHO is addiction to Socialism, a greying population, unwillingness to break out of established little safe paths, lack of innovation and daring.
WhatEVER the problem is, this present newly elected regime is garbage and needs to be taken out. Then a start can be made.
The so-called Free Democrat party ought to be made the largest party in the country, and it needs some national or rightist party for a coalition partner, but if any party of that stripe arises there, irrational fears of neo-Nazism doom it.
I still say the man is in waiting, and about to appear in a matter of 2 or 3 years or less.
To other poster responding, as far as I know I never saw Hitler pictured on horseback.
The Krauts can keep their filthy hands off of Polish lands. They have no rights to anything in Poland.
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.