Germany to violate EU deficit laws until 2013
AFP - [email protected]
Published: 9 Jul, 2009 CET.
Updated: Thu 9 Jul 2009 08:20 CET
Germany will likely violate the European Union's rules on public deficits until at least 2013, according to finance ministry figures published on Wednesday.
The country's public deficit is expected to reach four percent of gross domestic product (GDP) this year, a ministry document on government finances said, well above the three-percent limit set by the EU's Stability and Growth Pact.
Things do not look any better for the years to come, with the ministry pencilling in deficits of six percent next year, five percent in 2011, four percent a year later and three percent only in 2013.
Finance Minister Peer Steinbrueck had already warned last month that Germany would breach the pact's rules for four to five years, without providing detailed figures.
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The country's public deficit is expected to reach four percent of gross domestic product (GDP) this year, a ministry document on government finances said, well above the three-percent limit set by the EU's Stability and Growth Pact.
Things do not look any better for the years to come, with the ministry pencilling in deficits of six percent next year, five percent in 2011, four percent a year later and three percent only in 2013.
Finance Minister Peer Steinbrueck had already warned last month that Germany would breach the pact's rules for four to five years, without providing detailed figures.
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