German government reaches budget agreement and stimulus package to avert crisis

Reported about 1 year ago

The German government has successfully reached an agreement on the budget for 2025 and a stimulus package for Europe’s largest economy, defusing a potential crisis that threatened Chancellor Olaf Scholz's coalition. The deal includes higher spending on defense and affordable housing, balancing security, social cohesion, and economic growth. To fund this plan, 60 billion euros in unspent emergency credits from COVID-19 were repurposed after a court ruling against borrowing limits, leading to rifts within the coalition. However, the budget respecting borrowing limits and funding key areas for all parties was ultimately agreed upon, aiming to support economic growth and meet NATO defense spending targets.

Source: YAHOO

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