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Germany adopts budget with record debt

AFP · 19 Mar 2010, 17:40

Published: 19 Mar 2010 17:40 GMT+01:00

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By 313 votes to 256, deputies approved the budget, which foresees €80.2 billion ($108.3 billion) in new debt, twice last year's borrowing.

Germany's public deficit this year is set to be double the maximum permitted by the European Union's fiscal rules, rising to as much as six percent of gross domestic product, from 3.3 percent of GDP in 2009.

Finance Minister Wolfgang Schäuble reiterated his determination to bring Germany's deficit back under the three percent ceiling by 2013. He said that if Germany failed to adhere to the rules, they would crumble and with them the idea of a single European currency.

The budget must now be approved by the upper house of parliament, the Bundesrat.

Story continues below…

In 2009, the German economy contracted by five percent, the worst contraction in over six decades. But Berlin is hoping for growth of 1.4 percent this year.

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Your comments about this article

21:17 March 22, 2010 by chimpansi
beginning of THE END...
14:04 March 23, 2010 by dbert4
Yeah maybe, but definately behind the US, UK and the "Pigs".
23:53 March 23, 2010 by peschvogel
Thats does not look like the face of confidence or optimism. It has the depiction of gloom and hoch steuer..
09:56 March 24, 2010 by dbert4
@pesschvogel - Maybe she just has you on her mind?
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