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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Nadine Carroll who wrote (46315)	9/23/2002 9:05:57 AM
From: LindyBill	Read Replies (1) \| Respond to of 281500

I think the economic situation in Germany is the most important problem. Here is a snippet from UPI. >>> Even more challenging than repairing the rift with Washington is the looming crisis with Germany's partners in the euro, Europe's new single currency. Germany delayed publishing its budget deficit figures until after the election, fearing it would breach the maximum level allowed under the rules of the eurozone's Stability Pact. If budget deficits exceed 3 percent of gross domestic product, an offending country faces fines of up to 0.5 percent of GDP. In Germany's case, that means fines of up to $10 billion. The German economy is heading back into recession, and the higher spending on paying for more and more unemployed. Combined with lower tax revenues, this spending means the Stability Pact is almost certain to be breached. And even though France is also seeking some relaxation from the pact's tight rules, other members of the euro currency have said they refuse to change it, fearing a loss of credibility in world currency markets.<<<< upi.com