Bonn admits to more cuts

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The Independent Online
The Bonn government denied reports Germany might be excluded from the single European currency for exceeding its budget targets, but officials admitted more cost-cutting was needed to ensure Emu entry.

The Welt am Sonntag newspaper reported that because Bonn's cash deficit in the first three months stood at 40bn German marks (pounds 14.7bn), the government had already used up most of the DM53.4bn it has allowed for its budget deficit for 1997. Reuters - Frankfurt