German chancellor Angela Merkel on Monday (7 June) announced spending cuts to the tune of €80 billion in the coming four years, in an example to other European economies struggling with deficits.
"Around €80 billion must be saved until 2014 in order to put our financial future on a solid footing," Ms Merkel told journalists at a press conference in Berlin, after lengthy coalition talks which forced her to postpone a previously scheduled meeting with French President Nicolas Sarkozy.
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