Germany to plug Eu5.5bn of deficit with pension ABS
The German government is putting a Eu5.5bn securitisation of
pension contributions from Deutsche Post and Deutsche Telekom at the heart of plans to cut its 2005 budget deficit and squeeze inside EU fiscal rules for the first time since 2001.
The European Commission last week predicted Germany's deficit-to-GDP ratio would be 3.9% for this year, and 3.4% for 2005.
But Germany's finance minister Hans Eichel yesterday (Thursday) announced steps that he said would bring the 2005 figure beneath the 3% limit laid down in the
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