German finance minister Steinbrueck says that the 2010 budget will contain over EUR 90 bln in new borrowing. To put that into perspective, that would equate into about $635 bln in borrowing by the US government. In the old days, that would have been a lot of dough. These days, not so much…They are still lumpy borrowing totals given that Germany’s economy is about 20% as large as the US. Add up all the borrowing of the other eurogroup states and you are probably not as far below US levels as you think.
EUR/USD sits at 1.14414 after one last push into the 1.4150s. Good selling from a French bank pushed EUR/USD down from the highs.
