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Euro bailouts push up German debt

The Local · 2 Jul 2011, 09:54

Published: 02 Jul 2011 09:54 GMT+02:00

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Germany will only have to borrow €28 billion in 2012, Der Spiegel, reported on Saturday, referring to next year’s draft budget, which the cabinet is set to approve this week. In March Finance Minister Wolfgang Schäuble had still been expecting to have to take on €31.5 billion in debt next year.

However, according to Der Spiegel, the finance minister is increasing projections for the following years. He now expects that in 2013 Germany will have to borrow €25 billion, in 2014 the figure will be €19 billion and in 2015 the state still need to borrow around €15 billion.

The increase in the borrowing will be necessary to cover Germany’s contribution of €22 billion from 2013 to the new permanent rescue fund for struggling euro-zone members.


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The Local (news@thelocal.de)

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Your comments about this article

14:24 July 2, 2011 by lenny van
People, of Germany, why don¦#39;t we just stop this charade involving Greece and just pay our banks directly. It would save time and money.

In order to make a business profit, German banks loaned the Greek government money. (it was not because they are nice.) It didn¦#39;t work out as well as expected, though, because the Greek government can¦#39;t pay them back. (The same thing happened in America when American banks made very risky loans to home buyers that they couldn¦#39;t pay them back.)

No problem. The German bankers told our politicians to pay them with public (our) money. Otherwise, the banks would loose money (take a haircut) and might not make a large enough profit to pay the big bonuses. to the bosses. There was no crisis last week. The banks will continue to delay foreclosing against the Greek government (kicking the can down the road) and the German politicians will continue to use our money to pay down the loans until the German banks recover all of their money. (it was not because they are nice.)

As we know, the Germans always prosper. So far, our attempts to rule the world haven¦#39;t quite succeeded, but we will probably keep trying. Germany is clearly the strong man in Europe (again) and when the banks get their money back, the people won¦#39;t let this happen again and Germany will leave the EU. and the new world order will emerge.

China will continue to prosper and exert their influence. Between the behemoths on either side of the Eurasian continent lies Russia with its vast land mass and natural resources. The people of these three nations have certain cultural traits in common and this unholy triumvirate are the nations that will dominate the new and final world order. Human rights, democratic principles and religion will not matter and Islamic caliphates will be supported in the Middle East in order to keep the oil flowing. The present very efficient modern mercantilistic economic systems, led by the banks, cartels and jurists, will continue.

The old Anglo-Saxon world order that has been dominate for the past 200 years will become very weak. China will stop financing American debt, and America will default (like Greece and other former EU countries will do when Germany abandons the EU)- American military power and influence will rust away like it did in the Soviet Union.

Population growth, climate change and the unrealistic expectation that there will be anywhere near enough renewable energy to replace oil in the next 40 years will force the triumvirate to take over control of the Middle East oil supply and ration it to other nations. This will create a huge disparity in wealth and one crisis after another in the other nations. They will become desperate and, led by the British Commonwealth (including India), America and Japan, they will invade the Middle East. Armageddon will happen in roughly 40 years.
14:29 July 2, 2011 by toemag
This is the funniest thing I have read today. Now lets think about our promised tax cuts by 2014, and look at the state of the €U. Greece will be back within the next twelve months, but Spain and Portugal will have cleaned out the €U just prior to that. I'm really looking forward to our €uroflop future, not.
17:44 July 2, 2011 by DOZ
The cost of Dominating over Europe. Welcome to America.
01:55 July 3, 2011 by catjones
Germany's miracle economy has more than enough money to pay the world's debts. Nothing can stop this leviathan, this envy of the world. It will go on forever.
08:37 July 4, 2011 by manotso
to lenny van. That was the most scary and stupid thing I've read today. Please next time think twice before you write something publicly.
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