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Report: Bundesbank chief critical of German budget

March 22, 2012
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BERLIN—The head of Germany's central bank says a plan by the country's government to balance its budget in 2016 is not ambitious enough.

Germany has pushed for the 17-nation eurozone to get its public finances in order as Europe reels from the debt crisis. Berlin plans to cut new borrowing to a minimal (EURO)1.1 billion ($1.46 billion) in 2016 and balance the budget that year.

However, borrowing is to rise this year -- hitting (EURO)34.8 billion in part because of payments into the new eurozone rescue fund.

"It is not exactly ambitious that the structural deficit of the federal government is supposed to rise this year and that the federal government only wants to balance its budget in 2016," Bundesbank chief Jens Weidmann was quoted Thursday as telling the daily Sueddeutsche Zeitung.

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