The German government is eyeing 5.0-6.0 billion euros ($6.5-7.8 billion) in additional spending cuts in 2014 in a bid to balance the government budget, a newspaper reported on Friday. The regional daily Rheinische Post quoted the deputy chief of the conservative CDU party, Michael Meister, as saying: "If we want to reach the so-called structural zero in 2014, we must close a gap of around 5.0 billion euros. "That can only be achieved by spending cuts," Meister added. The so-called structural deficit is the government's financial shortfall after adjustment for cyclical factors. Already in December, Finance Minister Wolfgang Schaeuble said Germany planned to balance the overall state budget -- which on top of the government budget also includes the regional state and municipal budgets -- as early as 2012 rather than in 2014 as previously envisaged. And in those projections, the government budget would still be in deficit in 2014, to the tune of around 5.0 billion euros. Under rules enshrined in the European Union's Maastricht Treaty, member countries are not allowed to run up overall states deficits in excess of 3.0 percent of gross domestic product (GDP) and must balance their budgets in the medium term.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor