(MENAFN) Germany announced a record-high USD23.4 billion surplus in the first half of 2015, which encouraged it to turn its back on criticism from abroad that it should cut taxes or rise public spending.
German government stressed that it will stick to its goal of achieving sustainable balanced budgets, which reveals that it's trying to teach other EU governments the virtues of balanced budgets as a cure for the EZ crisis.
The government said Germany's budget surplus 1.4 percent of gross domestic product (GDP). About half of the surplus came from the federal budget, which helped it thoroughly.
"Balancing the budget was a central pledge in the 2013 election and they want to tick that box," said chief economist at ING-Diba.
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