March 21, 2020 / 2:46 PM / 11 days ago

Finance minister says Germany preparing 150 bln euro supplementary budget

FRANKFURT, March 21 (Reuters) - German finance minister Olaf Scholz said on Saturday that the government was readying a supplementary budget of 150 billion euros ($160 billion), as part of a broader funding package to tackle the economic impact of the coronavirus outbreak.

“A hundred and fifty billion is a large amount, but it gives us the flexibility that we now need,” Scholz said.

“In addition we are laying the ground for various other institutions of our nation to take the steps necessary to stabilise our companies ... it’s important to send a clear and strong signal right at the beginning,” told a news briefing. ($1 = 0.9351 euros) (Reporting by Ludwig Burger; Editing by Alexander Smith)

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