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Business

Report: EU Drops Charges Against Germany

EU Economic Commissioner Joaquin Almunia has reportedly decided to accept Germany's plan to bring its deficit within the legally required limits, according to German newsmagazine Der Spiegel. According to the weekly, Almunia has told German Finance Minister Hans Eichel that Germany's proposals will suffice to bring the country back on track as far as the Stability and Growth Pact for euro zone countries is concerned. An official announcement is expected for Wednesday. According to the pact, countries that use the euro have to keep their deficit below 3 percent of gross domestic product. Germany has failed to do so for three years in a row. Should Germany not manage to bring its finances in order next year, it could face billions of euros in penalties.

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