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- Germany to unveil major stimulus as virus death toll rises throughout Europe
Germany to unveil major stimulus as virus death toll rises throughout Europe
CNBC reports that Germany is about to unveil new measures to mitigate the economic impact of the coronavirus, in what analysts are describing as a "game changer" for a country that's the leader of fiscal prudency.
Germany is planning to increase borrowing by as much as 150 billion euros this year as well as to pass a 156 billion euro supplementary budget. The government led by Chancellor Angela Merkel is also setting up a 500-billion-euro bailout fund to take stakes in critical industries, according to various media reports.
At a government meeting on Monday, Berlin is expected to halt its debt brake rule - a law that basically prohibits Germany from presenting structural deficits.
"The government measures to limit the outbreak of Covid-19 have put the (German) economy into an induced coma," Carsten Brzeski, chief economist at ING Germany, said Monday via email.
"With a fiscal big bang, the government tries its own 'whatever it takes' to keep the patient alive," he added.
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