Drastic spending cuts totalling more than €80bn ($96bn) were unveiled yesterday by Angela Merkel, German chancellor, on top of up to 15,000 job losses in the public sector as part of a sweeping austerity package for Europe's largest economy.
New taxes will be imposed on air travel and the nuclear power industry, and some form of financial transactions tax is also planned – in addition to a banking levy already agreed by the German government.
Ms Merkel said that Germany would be pushing for an as-yet-unspecified form of Europe-wide financial transaction tax by 2012, raising an extra €2bn a year to the German budget.
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