Germany to cut public debt as finances remain in black

Carl-Ludwig Thiele, chairman of the German Central Bank BundesbankThe German government said Wednesday it will bring down overall public debt in the coming years as robust economic growth and record employment enables it to keep its finances in the black. The German finance ministry announced that Europe’s biggest economy aims to cut overall debt to 61.5 percent of economic output by 2019 from 74.7 percent last year. Germany aims to balance its budget in 2016 and once again run up modest surpluses of around 0.25 percent in 2017 and 2018 and then 0.5 percent in 2019, according to the stability programme, which EU member countries must present each year to Brussels.

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