Germany Ready to Raise Debt If Recession Hits, Spiegel Reports
The River Main flows past commercial and residential property as skyscrapers stand in the financial district as the city skyline is seen from the 15th floor pantry area inside the European Central Bank (ECB) headquarters in Frankfurt.
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Germany’s government is ready to run a budget deficit if Europe’s largest economy collapses, magazine Der Spiegel reported.
Chancellor Angela Merkel and Finance Minister Olaf Scholz would be willing to increase debt in order to offset a tax revenue shortfall due to an economic slump, the magazine said, citing sources in the chancellery and the finance ministry that it did not identify by name.