Economy

Reuters exclusively reports Germany eyes up to €50 billion of additional debt for stimulus push

Reuters exclusively reports Germany eyes up to €50 billion of additional debt for stimulus push

Reuters reported exclusively that German Finance Minister Olaf Scholz is considering borrowing up to another €50 billion (£44.5 billion) to finance Berlin’s bumper stimulus package. The plan to take on more debt underlines Germany’s massive fiscal shift from Europe’s former austerity champion to one of the biggest spenders in the euro zone’s efforts to counter the economic impact of the coronavirus pandemic. Chancellor Angela Merkel’s cabinet is planning to pass a second supplementary budget on June 17 to finance measures to support Europe’s largest economy.