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Jun 24, 2009, 9:53 GMT

Recession drives German debt to record level

Berlin- The German government's new borrowings are set to soar to a record 310 billion euros (437 billion dollars) in the years to 2013, officials said Wednesday. With Europe's biggest economy battling to emerge from its steepest recession in more than 60 years, German Finance Minister Peer Steinbrueck said there was no alternative to the higher borrowings. The said the nation's next government due to be elected in September is facing a 'mammoth task' in trimming back the debt levels. Steinbrueck was speaking in an interview with the German daily Tagesspiegel Wednesday ahead of the German cabinet signing off on his draft 2010 budget which includes net new borrowings hitting a record 86.1 billion euros next year.

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