Germany to violate EU deficit laws until 2013

AFP
AFP - [email protected] • 9 Jul, 2009 Updated Thu 9 Jul 2009 08:20 CEST
image alt text

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.

More

Comments

AFP 2009/07/09 08:20

Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also