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Germany with 'unlimited' credits to firms in the fight against Covid-19

Berlin on Friday pledged “unlimited” credit to help companies hit by the coronavirus pandemic as part of Germany's biggest post-war aid package worth at least 550 billion euros.
“There is no cap on the loan offered by (state development bank) KfW, that is the most important message,” Finance Minister Olaf Scholz said.

The guarantees equivalent to $614 billion were just for starters, Economy Minister Peter Altmaier said.

“We promised that we would not fail due to lack of money and political will. This means that no healthy company nor work should be in trouble, “he said.

“If necessary, we will reload our weapons,” Altmaier added.

The package, even in its first stage, is larger than the €500 billion aid offered by the German government during the 2008 financial crisis.

Chancellor Angela Merkel on Wednesday vowed to do whatever it takes to tame the coronavirus crisis, signaling that she is even ready to end the cherished dogma of maintaining the balance of Germany's budget.

“This is an emergency situation. We will do everything we need and thankfully Germany is relatively healthy... we will do everything we can to get through this situation well and we will see at the end of this the situation of our budget,” Merkel said, stressing that ending a viral crisis is paramount.

After six deaths and a number of infections that reached 2369 in Germany, Merkel on Thursday urged organisers of all non-essential events, which would see fewer than 1,000 people gather, to cancel them, writes BGNES

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Administrator • 2020-03-26 02:30:17