Advertisement
UK markets closed

  • FTSE 100

    8,139.83
    +60.97 (+0.75%)
     

  • FTSE 250

    19,824.16
    +222.18 (+1.13%)
     

  • AIM

    755.28
    +2.16 (+0.29%)
     

  • GBP/EUR

    1.1676
    +0.0020 (+0.17%)
     

  • GBP/USD

    1.2493
    -0.0018 (-0.14%)
     

  • Bitcoin GBP

    51,110.14
    -589.55 (-1.14%)
     

  • CMC Crypto 200

    1,331.04
    -65.50 (-4.69%)
     

  • S&P 500

    5,107.29
    +58.87 (+1.17%)
     

  • DOW

    38,281.58
    +195.78 (+0.51%)
     

  • CRUDE OIL

    83.62
    +0.05 (+0.06%)
     

  • GOLD FUTURES

    2,349.20
    +6.70 (+0.29%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     

  • DAX

    18,161.01
    +243.73 (+1.36%)
     

  • CAC 40

    8,088.24
    +71.59 (+0.89%)
     
PROPERTY:

9 luxury homes to consider if money is no object

Ever thought about what a multimillion pound budget would buy you?

German states to borrow 95 billion euros to cushion virus fallout

Reuters
·1-min read
FILE PHOTO: A restaurant is pictured during the spread of the coronavirus disease (COVID-19) in downtown Wildeshausen

BERLIN (Reuters) - Germany's 16 states are planning to take on 95 billion euros (£85.03 billion) in new debt as part of their spending efforts to cushion the economy from the worst of the coronavirus shock, Der Spiegel magazine reported on Saturday.

The borrowing comes on top of the 218.5 billion euros of debt the Federal Government plans to issue to help finance support to an economy that is expected to shrink more than 6% this year because of the crisis and lockdowns.

Der Spiegel calculated, after surveying regional finance ministries, that Germany's states, which enjoy wide autonomy under the country's highly devolved system of governance, were taking on an additional 95 billion euros in debt.

The states already have total debts of about 580 billion euros, the magazine said.

(Reporting by Thomas Escritt; Editing by David Clarke)