Germany's Finance Ministry on Saturday denied a media report that federal net new borrowing would be around 60 billion euros next year.

German weekly Der Spiegel reported that net new borrowing would total around 170 billion euros ($204.6 billion) over the next four years, citing an alleged internal finance ministry document.

Reports about the level of new federal borrowing from next year are speculation, said Finance Ministry spokesman Michael Offer in a statement. The numbers mentioned there are wrong.

Der Spiegel wrote that borrowing would fall to 47 billion euros in 2012, to 36 billion in 2013 and to 29 billion in 2014.

The draft of the federal budget for 2011 and the new medium-term finance planning until 2013 are currently being worked out, taking into consideration the results of the savings package, said Offer.

The level of new borrowing until 2014 will only be fixed from July 7, the day of the cabinet decision, he added.

Chancellor Angela Merkel's coalition on Monday agreed a package of budget cuts and taxes to bring the federal structural deficit within European Union limits by 2013 -- measures being touted as Germany's biggest austerity drive since World War Two.

Finance Minister Wolfgang Schaeuble said on Wednesday that net new borrowing would likely be around 65 billion euros this year, well below a previous estimate of around 80 billion euros.

(Reporting by Sarah Marsh and Klaus-Peter Senger)

Germany