1. Skip to content
  2. Skip to main menu
  3. Skip to more DW sites
Live TV
Latest audioLatest videos
In focus
Israel-Hamas warRussia's war in UkraineSouth Africa

I.O.U.

March 5, 2010

Germany's ruling coalition has passed its first budget, taking on a record 80.2 billion euros ($108.9) in new debt. That's double the highest debt record to date, set in 1996.

https://p.dw.com/p/MKaf
picture of Euros and a German eagle, symbolizing budget
2010 debt is less than expected - but still massiveImage: DW Fotomontage

The massive debt was nonetheless 5.6 billion euros less than originally planned for 2010, reflecting improved expectations for growth in the overall economy.

The plan - the first budget passed by Germany's new ruling coalition of Christian Democrats and Free Democrats - doubles the record debt set in 1996.

The original plan for the 2010 budget foresaw 85.8 billion euros in net debt, but assumed economic growth of just 1.2 percent, and higher jobless numbers. The budget that passed calculated 1.4 percent growth and fewer jobless.

Altogether, Berlin has set its sights on spending 319.5 billion euros in 2010, with 28.3 billion of it going to new investment.

The 2010 budget negotiations were delayed due to parliamentary elections in the fall of 2009; currently, the country is operating on a provisional budget.

jen/dpa/Reuters
Editor: Rob Turner

Skip next section Explore more

Explore more

Greek euro coin

Greece embarks on new austerity program

Greece embarks on new austerity program

The Greek government has announced a new austerity plan worth 4.8 billion euros ($6.5 billion) in a bid to combat bankruptcy. It has not ruled out seeking help from the International Monetary Fund. (03.03.2010)
March 3, 2010
Man showing empty pants pockets

Germany violates EU deficit rules for first time since 2005

Germany violates EU deficit rules for first time since 2005

Germany's deficit for 2009 was larger than expected. Revised figures show the country has breached EU deficit rules for the first time since 2005. (24.02.2010)
February 24, 2010
An airport departure board showing cancelled flights.

Economic recovery efforts stumble over European airline strikes

Economic recovery efforts stumble over European airline strikes

Airline strikes across Europe will set back economic recovery, but British Airways cabin crews are likely to join German pilots, French air traffic controllers and Greek workers in snaring European air travel. (25.02.2010)
February 25, 2010