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To: Mika Kukkanen who wrote (16841)	11/27/2001 12:41:54 PM
From: Ruffian	Respond to of 34857

Good-Luck.........

To: Mika Kukkanen who wrote (16841)	11/27/2001 12:44:15 PM
From: ronho	Respond to of 34857

Germany slips into a "technical recession" EUROPE: Germany revises down its deficit forecasts Financial Times; Nov 27, 2001 By HAIG SIMONIAN and GERRIT WIESMANN The German government yesterday revised its deficit forecasts for this year and 2002 downwards in line with faltering economic growth, but immediately ran into criticism that even its latest projections were too optimistic. Hans Eichel, the finance minister, said the deficit, according to the European Union's Maastricht criteria, would reach 2.5 per cent this year before falling to "about 2 per cent" in 2002. The new figures supercede projections of 1.5 per cent and 1 per cent respectively, made when growth was much stronger. However, Klaus Regling, the EU's director-general for economics and finance, said at a conference in Berlin that the government's target - based on expected growth of 1.25 per cent next year - was too rosy. Germany was one of a number of EU members with "excessive expectations" he warned. Pointing to Germany, France and Italy, he noted that "serious risks have arisen for some countries". The EU forecasts that gross domestic product in Germany will rise by just 0.7 per cent in real terms next year, leading to a likely deficit of 2.7 per cent. That is close to the 3 per cent ceiling in the EU's stability and growth pact, which, if exceeded, could result in reprimands or even fines. The EU's pessimism is shared by many private sector economists, who also see even the revised government figures as too optimistic. Peter Saacke, eurozone economist at Merrill Lynch, expects the deficit to reach 2.5 per cent this year, before rising to 2.7 per cent in 2002. "There's going to be no massive recovery in the economy next year, while the labour market will only react to improvements with a lag. That points to a significant deterioration in public finances," argued Mr Saacke. Mr Eichel's latest forecasts, which translate to a Euros 45bn (Pounds 28bn) deficit this year and Euros 42bn in 2002, come just as parliament concludes its discussions on the 2002 budget this week. Throughout the deliberations, the finance minister has stressed that his targets remain attainable, in spite of the severe constraints on the economy because of weak growth. "Without our savings programme, we would already be over the Maastricht criteria," said Mr Eichel yesterday. "The bottom line is that he'll do everything possible to avoid hitting 3 per cent, but it might run quite close," warned Mr Saacke. Figures for second-quarter GDP, released last week, showed Germany had slipped into a technical recession, with forecasts for a sharper decline in the fourth quarter. While few take serious issue with the government's 0.75 per cent GDP growth forecast for this year, its projection for 2002 - an election year - is widely seen as too favourable. www.ft.com/eurozone

To: Mika Kukkanen who wrote (16841)	11/27/2001 12:58:48 PM
From: 49thMIMOMander	Respond to of 34857

O'Tero should be at O'pstock at oko.fi for english okobank.com Ilmarinen Expanding from african organic orange juice to pine apples, any contacts?? (our lemon grass is also great, but as a forestry finn I have more hope for the teak forest, but that takes some more years)