We have finances well under control’: Germany takes on less debt than expected in 2020

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(The Local DE)

Germany took on record new debt in 2020 to shield the economy from the coronavirus pandemic, but less than expected, official data showed Tuesday.

“Despite the pandemic, we have the finances well under control,” Finance Minister Olaf Scholz told reporters. Europe’s largest economy took on €130.5 billion in new borrowing last year.

The amount is the highest since German reunification in 1990, but still less than the €218 billion in new debt authorised by parliament to deal with the health crisis.

In part this can be explained by a weaker than expected economic slump, thanks to a strong rebound during the summer, the finance ministry said.

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