German Government has unveiled plans for drastic spending cuts to rein in budget deficits. Chancellor Angela Merkel and her coalition partner and Deputy Chancellor Guido Westerwelle announced at a joint news conference that the government would slash the budget deficit by more than 80 billion euros over the next four years to comply with the euro group's stability criteria. As per stability criteria, the euro zone nations need to keep their budget deficits below three per cent of their GDP. The government intends to save up to 11.2 billion euros next year and about 19.1 billion euros in 2012. The measures envisaged by the government include drastic cuts in welfare spending, reducing the number of public service workers by 15,000, abolishing tax exemptions and subsidies and axing military spending. The government also introduced a new nuclear fuel tax on the companies operating the country's atomic power stations.<br/>