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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: ild who wrote (1547)	10/18/2003 9:40:36 AM
From: Haim R. Branisteanu	of 110194

German Budget Deficit to Reach 4.3% This Year, Spiegel Reports Oct. 18 (Bloomberg) -- Germany's budget deficit will reach 4.3 percent of gross domestic product this year and 3.5 percent in 2004, exceeding European Union budget deficit limits for a third year, Spiegel magazine said, citing the Finance Ministry. Finance Minister Hans Eichel will present the numbers to members of a parliamentary budget committee next week, the magazine reported in a release of an article in tomorrow's issue. He plans to raise 42.5 million euros ($49.4 million) in government debt this year, according to Spiegel. Next year, Germany's government will collect 6 billion euros less in taxes than forecast in May, according to Finance Ministry calculations cited by the magazine. The lower house of parliament yesterday passed Chancellor Gerhard Schroeder's plans to speed up 16 billion euros of tax cuts by one year to 2004 and lower unemployment benefits in an effort to stoke a recovery. EU rules cap deficits at 3 percent. (Spiegel release 10-18) For the magazine's Web site, see {SPGL <GO>}. Last Updated: October 18, 2003 04:30 EDT

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