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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.93

+0.8%

Jan 9 4:00 PM EST

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To: mikesloan who wrote (457)	7/11/1997 10:13:00 AM
From: mikesloan	of 116845

GERMANY might not qualify for the euro Calgary Herald July 10/97 BONN - The German government plans new borrowing worth $14.2 billion Cdn under an emergency budget plan outlined Thursday, raising fresh doubts about whether it will qualify for the planned single currency for Europe. Some economists said the revised budget for 1997 will put Germany above the budget deficit limit set by the European Union for would-be members of the common European currency, scheduled to debut in January 1999. The budget is due to be approved Friday by Chancellor Helmut Kohl's cabinet. Kohl has insisted the country will meet the EU's currency criteria. One of the hottest debates in Germany is whether the EU will permit leeway in the deficit limit of three per cent of gross domestic product. Most of the 15 EU countries are struggling to meet the target. Many Germans said the euro currency should be delayed if Germany overshoots the fiscal criteria. They worry about opening the door to other European countries viewed as fiscally less prudent, especially Italy. Kohl has pledged to meet the three-per-cent goal but he also insists the euro, seen as a rival to the U.S. dollar and the Japanese yen, will start on time. Higher than expected spending on jobless benefits and lower revenues forced the government to draft the supplementary budget, which includes new sales of government assets to help keep the deficit from growing even bigger. Germany now expects a deficit worth $56 billion this year, compared with $42 billion in the original 1997 budget, the figures indicated. Next year's budget calls for a deficit of about $46 billion.

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