22 June 2001, 14:30  Buba's Kotz does not exclude possibility of recession in Germany

HANNOVER, Germany (AFX) - Bundesbank council member and president of the Lower Saxony central bank Hans-Helmut Kotz said he does not exclude the possibility that there will be a recession in Germany. "I cannot rule it out," Kotz said. "A lot of what is happening now reminds me of the last US recession in 1990-1991," he said, adding that the growth target this year of 1.5 pct as "difficult to achieve." The slowdown in the US is hitting German growth by one percentage point, he said. "Once things start to slide, this takes on a whole dynamic of its own," he said.

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