Germany unveils debt cut measures
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The German government has unveiled a series of measures aimed at bringing the country&#39;s public deficit back below the eurozone&#39;s 3% of GDP limit in 2005.
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BERLIN -- Germany and the United States have agreed on a proposal to write off as much as 80 percent of Iraq's debt, Germany's finance minister said yesterday, capping a months-long US push for debt forgiveness.
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LONDON, Feb 2 (IPS) - Bold new proposals for debt relief for the poorest  countries will be put to the test at the G7 finance ministers  summit in London this weekend.
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Germany's budget deficit for 2004 is expected to be far lower than forecast and fall below the record of 40 billion euros (52 billion dollars), a finance ministry spokesman revealed.
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The German government is considering asking publicly owned regional state banks or 'Landesbanken' to repay past subsidies as a way of bringing down the German public deficit, Finance Minister Hans Eichel said.
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FRANKFURT : Germany's long-term unemployed are looking for ways to cut their outgoings as they brace for the introduction of reforms on Saturday that will slash the welfare payments of many.
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BRUSSELS  - The European Union executive body dropped disciplinary action against serial deficit offenders France and Germany, ending a three-year standoff that left the eurozone&#39;s budget rules crippled.
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Germany's Cabinet on Wednesday approved a 2007 budget that foresees trimming the deficit to comply with European Union rules, and the finance minister said Berlin likely would hit the target this year.
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The German government has said surging oil prices are on track to cut economic growth by about 0.25% this year.
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The plan "provides for the majority of the cuts to be in Germany, with a heavy emphasis on managing and engineering," the company said in a statement.
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German Chancellor Gerhard Schroeder calls for radical reform of the EU's stability pact, designed to keep countries budget deficits in check.
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A fresh round of mass demonstrations over proposed cuts in welfare spending is set to take place in Germany.
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Germany's Finance Minister Hans Eichel said Saturday he and U.S. Treasury Secretary John Snow had agreed on a proposal to write off as much as 80 percent of Iraq's debt, capping a U.S. push for debt forgiveness.
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Germany has unveiled an international plan to wipe out tens of billions of dollars of Iraqi debt so that the war-torn country can rebuild in earnest.
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Germany's public deficit amounted to 4.0 percent of gross domestic product in the first six months of the current year, well above the EU limit of 3.0 percent, official data showed.
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THE German government has sold a 6.3 per cent stake in phone operator Deutsche Telekom, raising up to Â£3.1 billion to help cut its growing budget deficit.
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Germany's budget deficit widened in the first half of this year, figures released Tuesday showed, but the government renewed its commitment to get the shortfall back within a European Union-imposed limit next year.