German states to borrow €95B to weather crisis - report

Saturday, 11. July 2020 19:11

Germany's sixteen federal states are planning to borrow an additional €95 billion from the government to weather the crisis caused by the coronavirus pandemic, German magazine Die Spiegel reported on Saturday.

The article said the states have already been allocated €218.5 billion to boost their economies, which have been predicted to contract 6.6% according to Ifo Institute and 7.1% according to Bundesbank in 2020.

Earlier this week, the European Commission approved Germany's €500 billion fund aimed at helping companies affected by the pandemic.

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Breaking the News / JR