Germany has already started preparing to balance its budget by the year 2016, for which it has even speeded up its planning of reducing all the new borrowings in the future.
An official has cleared in his statement of Friday that the country is focusing to balance its budget by 2016, for which the Federal Government of the region has planned to lessen its all new borrowing amount by almost €27 billion ($35 billion) and that too between 2013 and 2016.
The task of reducing to €45.6 billion of the previously planned €73 billion does not seem easy but focusing the target efficiently can win the government their target.
It is a known truth that Germany’s economy is the biggest one in Europe, thus the country has planned to borrow only €1.1 billion to reach its goal with an ease. Hopes are higher that Germany’s high tax intake (due to its robust economy) will help the country run up less new debt in the future.
Since the plan is still not released officially, no firm details have yet been announced by the officials, who recently briefed reporters but with the conditions of anonymity.
Mr. Norbert Barthle, a senior legislator in Chancellor Angela Merkel’s Christian Democratic Union, said, “sticking to the path of budget consolidation is a major focus of the coalition with the Free Democrats”.