The federal debt ratio, that is, the amount of debt in relation to economic output, is set to hit around 80% this year.īut Germany is by no means alone - pandemic debts are piling up in all the European Union member states. The budget supplement would take Germany's overall debt to €2.2 trillion, also an all-time high. This "bold step," said Finance Minister Olaf Scholz, is intended to cushion the economic impact of the coronavirus pandemic. Germany's Bundestag, the lower house of parliament, has presented a supplementary budget for 2021 which will push new borrowing this year to a record high of €240 billion ($287 billion).
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