Germany: Govt to borrow record sums to fight impact of coronavirus

German Finance Minister Olaf Scholz held a press briefing in Berlin on Wednesday to discuss plans for overcoming the economic impacts of the COVID-19 health crisis. Scholz announced that the federal government will attempt to blunt the economic consequences of the coronavirus by increasing total borrowing to €218.5 ($245) billion this year, «I am firmly convinced about this that we are now the generation that must undertake the responsibility together to solve these tasks faced by Europe,» he explained. Scholz further stressed that the cooperation between France and Germany over financial matters is «only indispensable but also works.» Late last month, France and Germany outlined and proposed a joint recovery of €500 ($561) billion fund to the European Union overcome the crisis, although their plan has ran into opposition from other EU countries opposed to the creation of joint EU debts.

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