Merkel’s German Stimulus


(From Zerohedge)

One week after the European Commission presented a plan on May 27 for a €750bn recovery fund for the EU including €500bn in grants and €250bn in cheap loans, late on Wednesday Chancellor Angela Merkel’s coalition agreed to a €130bn German stimulus package, coming in higher than initial expectations of €50-100bn, to help Europe’s biggest economy recover from the coronavirus crisis, Bloomberg reported.

After two days of negotiations, the chancellor overcame an impasse in the governing parties late Wednesday to broker a deal that includes tax relief for companies (including lowering the value-added tax), money for families, car-sales incentives (including double rebates for purchases of electric cars) and aid to municipalities.


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