An austerity package of €10bn was approved on the 27th of October 2010. The plan of the German government is to have a fiscal retrenchment of €80bn by 2014 broken down as follows €11.2bn in 2011, €18.6bn in 2012, €23.6bn in 2013 and €26.5bn in 2014. The aim is to have a deficit of 0.35% of nominal GDP and to keep the debt below 20% of GDP.