The German Finance Ministry has refused to give in to demands from six of the country's leading institutes to bring forward tax cuts to help boost the sluggish economy.
A ministry spokeswoman told reporters 'we are sticking to our budget consolidation' and pointed to comments made by Finance Minister Hans Eichel who has repeatedly ruled out any early tax cuts.
The six influential think tanks are due to publish this week a semi-annual report on the economy which calls for tax cuts to take place in 2002 and not in 2003 or 2005 as planned.
According to Reuters news agency the institutes will lower their joint forecast for Germany's economic growth this year to 0.7 per cent from their last prediction of 2.1 percent in April. They also say that growth in 2002 of between 1.0 and 1.25 per cent is likely, down from their forecast of 2.2 percent back in April this year.
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