Germany set to suffer record deficit

"The German government will record its biggest post-war budget deficit this year as the economic crisis sends tax revenues plummeting, Peer Steinbrück, finance minister, said on Thursday."

"Mr Steinbrück admitted the federal deficit would exceed €50bn in 2009 and rise to €90bn next year, more than twice the previous record of €40bn set in 1996 as Germany was absorbing the huge cost of its unification. In contrast, the federal deficit last year was only €11.9bn."