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Germans face bitter round of budget cuts as the price of eurozone bailout

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Kate Connolly
London Guardian
May 13, 2010

Germans have been urged to face reality today as the full impact of the euro bailout on Europe’s biggest economy was laid bare by politicians and financial experts for the first time.

The nation is to be forced to make savings more extensive than at any time since the end of the second world war, with education and family welfare expected to take the largest hits.

The sobering figures emerged just after Germany’s cabinet gave the go-ahead for Germany to put up €123bn (£105bn) towards the rescue package to stabilise the eurozone. That figure could rise to almost €150bn if needed.

Germans now face several years of belt-tightening, with Roland Koch, the deputy leader of chancellor Angela Merkel’s Christian Democratic Union (CDU) party and the minister-president of the state of Hesse, saying that no areas “can be considered taboo”.

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This article was posted: Thursday, May 13, 2010 at 4:07 am

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