German Chancellor Angela Merkel Wins Backing of Cabinet for Fiscal Austerity Measures

German Chancellor Angela Merkel has won the backing of her coalition cabinet and will now put in place a fiscal austerity program designed to slash the country’s budget deficit by nearly $100 billion over four years.

Merkel had been pushing for the tough measures, saying they were the only option Germany had to avoid a future economic collapse. According to leadership the plans to be put in place would cut the deficit by nearly 3% of GDP. Economic forecaster shave predicted the total deficit for this year would hit 5%.

Addressing reporters after receiving the backing of her cabinet Merkel said “Around €80 billion must be saved until 2014 in order to put our financial future on a solid footing.” She went on to say that while Germany faces “serious, difficult times” the measures are “necessary for the future of our country.”

As part of the austerity measures social welfare programs and unemployment benefits are expected to take a major hit.

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