Friday, February 12, 2016

Treasury warns of dramatic debt risk – THE WORLD

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Treasury warns of horrendous debt risk

an unpublished report by the Federal Ministry of Finance disclosed that the debt of the German state will increase dramatically. There is a gap of seven billion euros -. Per year

 
 An unpublished report by the Federal Ministry of Finance disclosed that the debt of the German state will increase dramatically. There is a gap of seven billion euros – per year

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After the “Sustainability Report” of the Treasury, of the “Welt am Sonntag “exists as a draft, Germany threatens an enormous debt risk. It must be “countermeasures early” Source:. The World

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Greece does not get its budget problems not under control, Italy also, and in Portugal wants a new government rather again make higher debt than continue to save.

Only Germany is an island of the blessed, it seems. Federal Finance Minister Wolfgang Schäuble (CDU) 2015 even made a surplus of twelve billion euros.



Maastricht limit is acute danger

But the beautiful appearance is deceptive. In reality, the German tax authorities are threatening the longer term dramatic risks that can be mitigated only by rapid countermeasures. This is clear from the new “Sustainability Report” of the Treasury, the present of the “Welt am Sonntag” as a draft. The 70-page report is still unpublished and to be discussed in the coming week in the cabinet.

There is “substantial sustainability risks,” it says in the report , “Without early countermeasures” growing risk that demographic aging “to an unsustainable debt developments and thus restricts the scope of the state” to.

This case namely the debt of the German state would only remain permanently near the Maastricht limit of 60 percent of economic output if they develop such factors as the birth rate very low. In a less favorable scenario, which have also calculated through Schäuble’s experts, the debt Schäuble, however, would rise by 2060 “continuously to around 220 percent” of gross domestic product (GDP).

<"prefix_1" h2 class => required seven billion Extra – per year

in order to make the German public finances viable in one step, the so-called primary balance would have according to the report, even in favorable scenario from now on permanently by 1 , 2 percent of GDP to be improved. In pessimistic scenario results in a need for adjustment of 3.8 percent.

Because cuts of this magnitude are unrealistic, the Sustainability Report also how big the necessary adjustment required would be if the corrections would be distributed evenly over five years. In the best scenario, the German government takes from the current year to more than seven billion euros to spend less – or take more.

In the years from 2017 to 2020 came on top each other seven billion euros. In the adverse scenario, the situation is even more dramatic. For then the adventitious annual adaptation needs would triple – to around 23 billion euros

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