Deutsche Bank’s former chief economist talks about the German government's austerity program.DW-TV: Let's pull in Norbert Walter, economist and partner at Walter & Daughters Consult. 80 billion euros in cutbacks. Is Germany saving itself into economic stagnation? Norbert Walter: This may happen. Still I would recommend to do it. Because the alternative to get into deeper debt is no alternative for an ageing country and a shrinking country like Germany. DW-TV: Where should the government begin with the savings? Norbert Walter: I would not start where the government started, I would just ask the elderly to work for a number of years longer to provide social contributions and to ask for the pensions only later, only after being re-educated to be more productive than they are with the education they've got. DW-TV:So you wouldn't start with cutting social welfare programs? Norbert Walter: This is cutting social welfare, but in a different form. It is giving perspective. Just only to cut back as the government does is fine, but not good enough. DW-TV: Let's take a look at Germany's debt situation. In the last two decades, the country's debt has tripled....getting a boost during the banking crisis...current level is one point seven trillion euros. Should we be afraid of this mountain? Norbert Walter: Yes, we should, but we should not forget that a great amount of it resulted from German unification and the way we executed German reunification. Nobody internationally helped us doing this job. DW-TV: Is making the cuts on social spending the correct thing to do socially? Norbert Walter: I believe a number of those social benefits are not as effective, as efficient as people believe. Therefore many of the specific elements, however painful they are, are indeed the right steps to take. DW-TV: Do agree with the protests by the trade unions that happened this weekend? Norbert Walter: I guess that I understand their arguments, but I don't share it. I believe the rich in the c...