The German government adopted a second stimulus package to brings Total Support to €1.3 Trillion
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The German government adopted a second stimulus package to brings Total Support to €1.3 Trillion
Germany will plough 130 billion euros ($146 billion) into a stimulus package to kick-start an economy severely hit by the coronavirus pandemic, Chancellor Angela Merkel said Wednesday.
"The size of the package will reach 130 billion euros for 2020 to 2021, 120 billion of which will be borne by the federal government," said Merkel. "We have an economic stimulus package, a package for the future and in addition, we're now dealing with our responsibility for Europe and the international dimension."
Noting that millions of employees in Germany have been put on shorter working hours, Merkel said that "shows how fragile the whole thing is, and why we must succeed in giving the economy a push so that jobs can be secured."
The fresh stimulus comes on top of a massive 1.1 trillion euro rescue package already agreed in March, comprising loan guarantees, subsidies and a beefed-up shorter-hours programme to avoid job cuts.
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