G-7 Finance Ministers meet at Treasury Department in Washington
G-7 finance ministers Canada's James Flaherty, France's Christine Lagarde, Germany's Peer Steinbruck, United State's Henry Paulson, Italy's Tommaso Padoa-Schioppa, Japan's Fukushiro Nukaga, Britain's Alistair Darling, and Europe's representative Jean-Claude Juncker (L to R) pose for a photograph at the Treasury Department in Washington on October 19, 2007. (UPI Photo/Alexis C. Glenn)
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Germany's ruling coalition suffered a close but potentially crucial defeat at the state level, eight months before national elections are to be held.
Voters in Germany's Lower Saxony state went to the polls Sunday to vote for state premier, eight months before nationwide elections, officials said.
German Finance Minister Peer Steinbruck said the government's budget deficit would reach $122 billion in 2010, its largest since the end of World War II.
German Finance Minister Peer Steinbruck warned the European Union may have to rescue individual countries overwhelmed by national debt.
Germany has urged the Organization for Economic Co-operation and Development to list Switzerland, one of its members, as a tax haven.
The financial crisis will cost the United States its status as a global financial superpower, German Minister of Finance Peer Steinbruck said Thursday.
The head of Germany's largest bank has called for an international group to monitor the global financial crisis and asked for government help.
The European Commission said it will accelerate proposals on new tax laws to clamp down on tax evasion, it was reported Wednesday.
Deutsche Post AG Chief Executive Officer Klaus Zumwinkel resigned Monday, a day after German investigators alleged he had engaged in a tax dodge.
Germany is supporting Russia and China's efforts to join the Group of Seven industrialized nations, an official announced in Essen Saturday. German Finance Minister Peer Steinbruck announced his support at a G7 news conference, Deutsche Welle reported.
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