rotten to the core

Here we go, and this is without additional austerity measures already in progress from the euro zone and other economies:

Germany to Lose $61 Billion in Tax Revenue by 2014, Bild Says

By Tony Czuczka

May 6 (Bloomberg) — Tax revenue for German federal, state and local authorities will decline by a total of 48 billion euros ($61 billion) until 2014, the Bild newspaper reported, without saying how it got the information.

The German Finance Ministry plans to announce its latest tax-revenue estimate later today.