Germany to break stability pact six years running

Germany is set to break the stability and growth pact in the next three years, the German minister for finance, Hans Eichel, has said, according to news agency Bloomberg.

The country's projected budget deficit is 3.7 percent of GDP this year, 3.4 percent in 2006 and 3.1 percent in 2007, meaning that Germany will not stick to the 3 percent limit for the fourth, fifth and sixth consecutive years.

Speaking to the press on Thursday (30 June), Mr Eichel described the fiscal situation ...