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ROUNDUP: Countries have borrowed almost 60 billion in pandemic so far

Wednesday, 12/29/2021 6:34 AM from

dpa-AFX

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Germany’s debt clock in Berlin. © ginton / iStock Editorial / Getty Images Plus / Getty Images

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MUNICH (dpa-AFX) – The 16 federal states have so far accumulated almost 60 billion euros in new debts in the Corona crisis. Despite the high sum, this is significantly less than feared in the first phase of the pandemic. The credit authorizations approved by the state parliaments go far beyond this, but have so far hardly been exhausted by any state government. This was the result of a dpa survey among the finance ministries and authorities in the 16 countries. At least three federal states – Lower Saxony, Thuringia, and Baden-Württemberg – want to start paying off the corona debts as early as next year.

After the beginning of the crisis, the state parliaments, the citizenships of the two Hanseatic cities and the Berlin House of Representatives approved over 100 billion euros in new debts in 2020 alone. In the process, several countries made quasi-reserve decisions, because they extend the borrowing process over several years. Originally, no state government had planned new debts in 2020 because of the debt brake.

In 2020 and 2021, the federal states actually took out new loans amounting to a good 57.6 billion euros. Since the year is not over yet, not all states wanted to submit water level reports, for example Lower Saxony and Rhineland-Palatinate. It is clear, however, that the total of over 100 billion approved in the 16 countries in 2020 will not be nearly exhausted by the end of this year.

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