Debt shock due to Corona: Scholz needs additional billions – economy

Another debt shock due to Corona!

According to BILD information, the federal government will have to incur more than 160 billion euros in new debts next year. So far, around 96 billion euros in new loans were planned.

So now the federal government needs an additional 64 billion euros!

This year, the federal government is already incurring 218 billion euros in new debt due to the corona crisis. Never before has Germany taken out more loans.

BILD has the new “adjustment template” with all additional output requests from Federal Finance Minister Olaf Scholz (SPD).

Accordingly, the costs for economic aid are exploding: Here the finance minister is now planning almost 40 billion euros for entrepreneurs suffering from the lockdown. This includes: an additional “lockdown buffer”.

Apparently, Scholz assumes that the Corona bridging aid will have to be extended beyond November 2020. The federal government will decide on this on Wednesday (November 25th) with the state premiers.

In addition, Health Minister Jens Spahn (CDU) receives significantly more money than previously planned, including for:

▶ ︎ Extension of compensation payments to hospitals (2 billion)

▶ ︎ discounted sales of protective masks (2.5 billion)

▶ ︎ Sourcing of vaccines (2.7 billion)

Overall, Scholz plans to spend more than 480 billion euros in the coming year.

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