June 22, 2020 / 1:55 PM / 2 months ago

Germany's Scholz avoids pledge to stick to debt brake next year

FILE PHOTO: German Finance Minister Olaf Scholz gestures as he speaks during a news conference, amid the coronavirus disease (COVID-19) outbreak, in Berlin, Germany, June 17, 2020. REUTERS/Annegret Hilse/Pool/File Photo

BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Monday that the government can only make a reliable statement later this year about whether it will stick to the fiscal rules of the constitionally enshrined debt brake next year.

The German parliament in March suspended the debt brake for this year due to the coronavirus pandemic. Scholz has asked lawmakers to increase net new borrowing to a record 218.5 billion euros this year to finance a bumper stimulus package.

Reporting by Michael Nienaber; Editing by Alison Williams

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