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Germany 'to cut 10 billion from budget'

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Germany 'to cut 10 billion from budget'

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The German government is reportedly to cut its budget by ten billion euros a year until 2016.

According to the Financial Times there could be tax increases as well as reduced spending.

Finance minister Wolfgang Schäuble in an interview at the weekend promised there would be no budget “trickery” in the cuts.

They are designed to set an example for the euro zone and to comply with budget deficit rules in the German constitution.