The deficit of Italy to double, and that of Germany to halve
The deficit forecast of Italy has almost doubled and on the other hand that of Germany has come down to being half after underscoring in the increasing lag of “sinner states” which could have persuaded the European Central Bank that is ECB as far as bringing cuts in the rate of interest is concerned on the coming Thursday.
Mario Monti, the prime minister of Italy, said in a joint press conference along with Angela Merkel, the chancellor of Germany, the level of deficit of Italy is going to go on a high by 2 per cent of the Gross Domestic Product that is GDB instead of 1.3 per cent which was being predicted. And on the other hand, the finance ministry of Germany has done a revision of its forecast from the figure of 1 per cent to that of 0.5 per cent. They said that they were happy with favorabl condition in a sum total as far as the development in the economy is concerned.
By pointing towards the clash between the two countries at the Brussels summit, Merkel said that both of them were ready to overcome all the difficulties that that were facing and then come along in order to work together with each other even for a span of three years so that the problem of debt crisis can be put to rest. She of the view that as far as the search for fining out a solution is concerned, each and every day is important in this thing. Apply now with loan in minutes @ www.loaninminutes.co.uk and a get easy loan.
Francois Hollande, who is the president of France, had made an announcement that there had been a rise in the taxes of almost 7.2 billion euros that is 5.8 billion dollars which means that the national debt of the country can be put to rest at least to some extent. The government is expecting that the economy of the country might grow in this year even if only by a small difference of 0.3 per cent. This as in comparison to the rise of last time where there was an estimation of 0. 7 per cent. There is feeling of gloom all around but inspite of that the condition has got better in the past few days as far as the rate cut in ECB is concerned. Just a few days back, there was a fear in the mind of Mario Dradghi, the president of the ECB, after the rally of traders.
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