(Reuters) - German Chancellor Angela Merkel said on Friday that she was in favor of debt redemption at a federal level after the state of Saxony managed to pay back some of its debts.
"At the federal level, in Berlin, we want to go down the path that Saxony is already on," Merkel said at a campaign event ahead of a state election in Saxony on Sunday.
Germany plans to refrain from any net new borrowing in 2015 for the first time since 1969, according to its budget plans, and will spend projected higher tax revenues on education and infrastructure.
Germany expects to borrow 6.5 billion euros in 2014, but thereafter plans no net new borrowing, targeting a balanced budget rather than surpluses, according to the finance ministry's 2015-2018 budget plans.
In October, German Finance Minister Wolfgang Schaeuble appeared to drop his insistence on starting to pay back the country's debt from 2015, focusing instead on not borrowing more and not raising taxes.
reuters.com
"At the federal level, in Berlin, we want to go down the path that Saxony is already on," Merkel said at a campaign event ahead of a state election in Saxony on Sunday.
Germany plans to refrain from any net new borrowing in 2015 for the first time since 1969, according to its budget plans, and will spend projected higher tax revenues on education and infrastructure.
Germany expects to borrow 6.5 billion euros in 2014, but thereafter plans no net new borrowing, targeting a balanced budget rather than surpluses, according to the finance ministry's 2015-2018 budget plans.
In October, German Finance Minister Wolfgang Schaeuble appeared to drop his insistence on starting to pay back the country's debt from 2015, focusing instead on not borrowing more and not raising taxes.
reuters.com
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