Germany is set to balance its federal budget by 2014, Finance Minister Wolfgang Schaeuble said on Sunday, Oct 28, as Berlin urges other countries to slash deficits as a response to the eurozone debt crisis, AFP reports.

In an opinion article for the Tagesspiegel am Sonntag, Schaeuble wrote: "Germany will already this year lower its deficit to below 0.5 per cent of GDP and from 2014 have a balanced budget again."

"Reducing debt is one of the most important political tasks both in Germany and in many other countries. The German people are rightly demanding this with great force," the minister added.