Market news
19.03.2021, 13:10

Germany plans another $83 billion in debt spending for this year

Bloomberg reports that according to a person familiar with the plans, Germany is mulling around 70 billion euros in extra debt spending this year to fight the fallout from the coronavirus crisis.

Finance Minister Olaf Scholz needs those additional funds because the country’s lockdown is dragging on much longer than expected, the person said, cautioning that the exact number is still under discussion.

Scholz said earlier this month that Germany will have to increase debt spending in 2021 to help tackle the impact of the coronavirus crisis on Europe’s largest economy.

On Friday, Health Minister Jens Spahn warned that Germany already is in a “third wave of the pandemic” after the contagion rate inched closer to a critical threshold.

Merkel and regional state leaders are due to meet Monday to decide on the next steps in the fight against the coronavirus. Current curbs include billions of aid to companies such as restaurants, hotels and non-essential shops that were forced to close.

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