Germany Wins an Extra Year From EU to Reduce Budget Deficit
March 14 (Bloomberg) -- German Chancellor Angela Merkel won an extra year to push the budget deficit below European Union limits, escaping the clashes that marked the term of her predecessor Gerhard Schroeder. EU finance ministers will allow Germany to exceed the deficit limit of 3 percent of gross domestic product for a fifth year in 2006, Luxembourg Prime and Finance Minister Jean-Claude Juncker said. ``We all agree the German strategy concerning the budget is the right strategy,'' Juncker told reporters late yesterday in Brussels after chairing a meeting of ministers from the 12 euro countries. ``Germany will reduce its budget deficit in 2007.''
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