German Chancellor Angela Merkel said Wednesday the German government will adopt a "targeted, bold and sustainable" rescue package to boost the economy amid an expectation of global recession.
Merkel announced the new rescue package when she made a speech in Berlin to members of the BGA wholesalers and exporters group. She said she will not support a "broad" stimulus program, and she didn't give any details or figures for the value of the measures.
It was the first announcement made by German government to support the economy after German parliament passed the 500 billion-euro (some 650 billion U.S. dollars) bank-rescue plan on Oct. 17.
According to the report of Bloomberg, the German cabinet is scheduled to discuss the stimulus package on Nov. 5. At present, Economy Minister Michael Glos, a member of Merkel's Bavarian sister party, the Christian Social Union, favors tax cuts to spur growth. However, Merkel and her Social Democrat Finance Minister Peer Steinbrueck have repeatedly rejected the need for a broad stimulus program.
On Wednesday, a specific tax cut to support car industry has been announced by Ulrich Wilhelm, a spokesman for Chancellor Angela Merkel. According to the new tax measure, car taxes for lower-emission cars will be lower and the taxes will be paid according to carbon-dioxide emissions rather than motor capacity.
Source:Xinhua
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