September 10, 2019 / 9:02 AM / a month ago

Germany can counter crisis with "many, many billions of euros" - Scholz

BERLIN, Sept 10 (Reuters) - Germany can counter a possible economic crisis by injecting “many, many billions of euros” into the economy, Finance Minister Olaf Scholz said on Tuesday.

Speaking to lawmakers in the general budget debate of the Bundestag lower house of parliament, Scholz said that Berlin had laid the foundations with its solid budget planning and its policy of no new debt to do more if a crisis hits.

“Because then it will be very important for us as the largest economy in the middle of the European Union, whether we are actually able to counteract a negative economic trend,” Scholz said.

“And from my point of view, therefore, with the solid financial foundations we have today, we are in a position to counter an economic crisis with many, many billions of euros if one actually breaks out in Germany and Europe,” Scholz said. (Reporting by Michael Nienaber Editing by Michelle Martin)

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