German govt. balances budget for second consecutive year in 2015

PanARMENIAN.Net - The German government says it has balanced its budget for the second consecutive year in 2015, the Associated Press reports.

Chancellor Angela Merkel's conservative party has made ending new borrowing a key plank of its economic policy. The government was able to do without new borrowing in 2014, a year earlier than planned, for the first time since 1969.

The Finance Ministry said Wednesday, Jan 13, it recorded a surplus of 12.1 billion euros ($13.1 billion) last year, up from 5 billion euros in 2014. Spending totaled 299.3 billion euros, slightly below the previous year's 301.9 billion euros.

Finance Minister Wolfgang Schaeuble says the surplus will be needed to finance spending on accommodating and integrating refugees. He added: "We want, if possible, to get by without new debt this year as well."