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Budget 'full of tricks' banned to Greeks
Published: 9 Nov 12 13:43 CET | Print version
Online: http://www.thelocal.de/money/20121109-46077.html
The German government finalized the 2012 budget on Friday - using what the opposition called "tricks" which they claimed Finance Minister Wolfgang Schäuble "would never accept in Greece."
- Nearly one in ten Germans cannot pay bills - Business & Money (9 Nov 12)
- No quick fix for Greece, warns Schäuble - Business & Money (8 Nov 12)
- Germany and UK: close corporate tax loopholes - Business & Money (6 Nov 12)
The budget was passed with votes from the governing coalition parties, the Christian Democrat, CDU and Free Democrat FDP, early on Friday morning after a 13-hour debate.
CDU budget expert Norbert Barthle championed the lesser increase in borrowing as a "great success and important step on the way to a structurally balanced budget."
But opposition parties said it was a trick to boost the government's popularity ahead of next year's election.
"The new budgetary deficit in this election budget can only be financed with help of accounting tricks … which Finance Minister Schäuble would never accept in Greece," said Carsten Schneider, the SPD's budget expert.
For example, €800 million in proceeds from privatization measures actually accounted for in the 2012 budget would be rolled over to 2013, he said.
"€1.7 billion less of new debts are a joke considering high tax incomes and low interest rates. There were no signs of structural savings," said Schneider.
DAPD/DPA/The Local/jlb
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