Country will take on yet more debt in 2021, says Germany’s Finance Minister

In order to mitigate the impact of the novel Coronavirus pandemic on the German economy, the country will have to take on yet more debt in the coming year, said Finance Minister Olaf Scholz on August 21.

Referring to the country’s cherished policy of keeping a balanced budget, Scholz said, “Next year we will continue to be forced to suspend the debt rule and spend considerable funds to protect the health of citizens and stabilize the economy.”

The Finance Minister has already planned to debt around 218 billion Euros (258 billion U.S. dollars) this year in a major move to help pay for a huge rescue package to steer the country through the Coronavirus-induced downturn, blasting through a financial crisis times referred to as “debt brake” into the constitution.

Photo Credit : https://commons.wikimedia.org/wiki/File:2019-09-10_SPD_Regionalkonferenz_Olaf_Scholz_by_OlafKosinsky_MG_2532.jpg

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