May 15, 2020 / 2:15 PM / 2 months ago

Germany plans 100 bln euros in new debt - Der Spiegel

BERLIN, May 15 (Reuters) - German Finance Minister Olaf Scholz plans a supplementary budget in late summer, which could involve taking on 100 billion euros ($108.25 billion) in extra debt in order to compensate for collapsing tax revenues, Der Spiegel magazine reported on Friday.

The new debt would drive the budget deficit to over 10% this year, its highest level in the history of the Federal Republic of Germany’s post-World War Two history, Der Spiegel said. It added about 50 billion euros of this would go to the economic stimulus package planned for the second half of this year. ($1 = 0.9238 euros) (Reporting by Thomas Escritt Editing by Michelle Martin)

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