Germany awaits record high deficit

German finance minister Hans Eichel is reckoning with a record high deficit this year, according to the Süddeutsche Zeitung.

The newspaper reports that instead of the previously reported 29.3 billion euro, the deficit is expected to rise to 47 billion euro.

On Monday, German chancellor Gerhard Schröder sought to play down fears that the EU's largest member state may be relaxing its efforts to reduce its budget deficit.

The rumours started after a meeting of senior coalition ...