In budget adjustments signed off by Chancellor Angela Merkel’s cabinet, Europe’s largest economy will borrow a total €240.2 billion in 2021, a third more than initially planned. “We are taking the right measures to manage the economic and financial effects of the pandemic,” added Finance Minister Olaf Scholz. (article continues below) See also on The Local:With the country facing a dangerous third wave and shutdown measures extended into April, Germany’s recovery has proved slower than expected this year. The issue of taking on new debt, meanwhile, has also sparked heated political debate ahead of a September general election. SEE ALSO: ‘We have finances well under control’: Germany takes on less debt than expected in 2020

Source: The Local March 24, 2021 13:52 UTC