“We must prepare ourselves for a weakening of growth in Germany,” Merkel said in a speech in parliament as she hoped to shore up support for the government’s €480 billion rescue package announced Monday.
By formally recognizing that the crisis is more serious than any encountered by Western leaders in 80 years, Merkel seemed to be tapping into the panic that has swept the continent since stocks plunged and global investment banks folded in recent weeks.
Yet according to a survey published in the German weekly Stern the vast majority of those in Europe’s largest economy feel remarkably unthreatened.
Of over 1,000 Germans polled, only 14 per cent said they were afraid of losing their jobs next year, a fall of 6 points since April 2006 when asked the same question. Some 74 per cent said they were not worried about the money they had saved in banks.
However, with recession looming, 40 per cent of Germans expressed concern that their salaries would not increase to meet inflation.
According to many of Germany’s state governments, the federal bail-out plan which provides €80 billion in fresh capital and €400 billion in guarantees for interbank lending relies too heavily on regional authorities who are being asked to foot 35 per cent of the cost.
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Chancellor Merkel hopes the Bundestag will approve the proposed package by the weekend, which should bolster confidence in Germany’s export-led economy and restore calm to financial markets in Europe.
But if enough state governments object because of perceived unfair pressures on their regional economies, the plan could die in the upper house of parliament.
“The state is the sole entity that can restore confidence between the banks, not in the interest of the banks themselves, but in the interests of our citizens,” she said, making her case for the plan’s liquidity. “I know, never before has so extensive a package of legislation been put forward with such an ambitious timetable. I am aware that a lot is being demanded from all concerned.”
Merkel also said that leaders of the G8 world industrial powers would meet by the end of the year to assure that strategies were on track to rehabilitate global markets.
Leading finance analysts here have warned that the crisis has already pushed Germany to the brink of recession, with growth forecasts for 2009 down from 1.8 per cent to 0.2 per cent.