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. Last Updated: 07/27/2016

Savings Plan Presented

BERLIN -- German Finance Minister Hans Eichel presented parliament Wednesday with a 30 billion mark ($16 billion) savings package aimed at overhauling the state finances of Europe's largest economy.

Chancellor Gerhard Schr?der wants the savings implemented at the start of 2000 alongside tax cuts designed to boost economic growth and help him overcome growing dissatisfaction with his government, which faces elections in 2002.

The snag is that his center-left coalition does not have a majority in the Bundesrat, the upper house of parliament, that must approve the measures.