Germany cuts debt sales programme

Berlin: Germany cut its programme of debt sales as the end of the recession helped boost the finances of Chancellor Angela Merkel’s government before Sunday’s elections.

The nation reduced proposed issuance of bonds and bills in the fourth quarter by 22% to €59 billion, the Frankfurt-based Federal Finance Agency said.

The change is “based on improved funding conditions and reduced borrowing requirements of the Financial Market Stabilisation Fund”, the agency said on its website.

Record debt sales and improving global trade helped Germany’s economy, Europe’s biggest, expand 0.3% in the second quarter.

Business confidence rose to a 12-month high in September, an Ifo institute report showed in Munich.