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No repeat of debt crisis
Source: Agencies |
September 15, 2010, Wednesday
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Print Edition
Print Edition
GERMANY'S efforts to reduce the deficit, which include sharp spending cuts and tax hikes, are necessary to avoid a repeat of the eurozone's debt crisis, the finance minister told parliament yesterday.
High budget deficits across Europe were the main cause for the crisis that rocked the 16 nations sharing the euro earlier this year, Wolfgang Schaeuble told lawmakers as he presented the government's 2011 budget plan.
Schaeuble called again for countries running overly high deficits to be punished, including the possibility to strip them of voting rights in EU institutions.
Schaeuble said Germany's 2010 new borrowing will total 50 billion euros to 60 billion euros (US$64 billion-US$77 billion) thanks to a recovering economy, not some 86 billion euros as initially projected earlier this year.
The government has pledged to save 80 billion euros through 2014 by cutting spending and raising new taxes.
High budget deficits across Europe were the main cause for the crisis that rocked the 16 nations sharing the euro earlier this year, Wolfgang Schaeuble told lawmakers as he presented the government's 2011 budget plan.
Schaeuble called again for countries running overly high deficits to be punished, including the possibility to strip them of voting rights in EU institutions.
Schaeuble said Germany's 2010 new borrowing will total 50 billion euros to 60 billion euros (US$64 billion-US$77 billion) thanks to a recovering economy, not some 86 billion euros as initially projected earlier this year.
The government has pledged to save 80 billion euros through 2014 by cutting spending and raising new taxes.
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