March 15, 2020 / 9:03 PM / 23 days ago

Austrian budget deficit will be 'massive', Chancellor Kurz says

FILE PHOTO: Austrian Chancellor Sebastian Kurz addresses the media in Vienna, Austria March 13, 2020. REUTERS/Leonhard Foeger/File Photo

VIENNA (Reuters) - Austria’s budget deficit will be “massive” because of the costs of dealing with the economic fallout from the coronavirus pandemic, Austrian Chancellor Kurz said on Sunday, the day after his government ditched its target of balancing its budget.

“It will be a massive deficit but that is necessary to ensure companies in Austria survive and workers do not lose their jobs wherever that is possible,” Kurz, a conservative, told national broadcaster ORF a day after he announced a 4 billion euro ($4.4 billion) economic aid package.

Reporting by Francois Murphy; Editing by Alexander Smith

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