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rdf:type	schema:NewsArticle
schema:articleBody	Germany will again breach its balanced-budget policy in 2021 to help pay for massive stimulus measures aimed at steering the economy through the coronavirus pandemic, its finance minister said Wednesday. Europe's biggest economy would borrow 96.2 billion euros ($114 billion), abandoning the country's constitutionally enshrined "debt brake" rule, Olaf Scholz said at a budget presentation. "For 2020 and 2021, we are obliged to ask the parliament to authorise us to borrow an unusually large amount," Scholz said. Germany expects to reinstate the no new debt rule in 2022, Scholz said. "We're not going to save during the crisis," he said. Germany had come into the pandemic with a well-stocked war chest, following several years of strong surpluses amid record low unemployment. But the government's room for manoeuvre is shrinking, as tax revenue will fall below expectations as the economy takes a hit during the crisis. Berlin is already set to borrow 218 billion euros in 2020. The devastating impact of the pandemic has forced Chancellor Angela Merkel's government to abandon its years-long habit of running a "black zero" balanced budget, a rule introduced at the height of the financial crisis in 2009. Merkel's ruling coalition has pledged more than a trillion euros in aid to shield German companies and workers from the virus fallout, including through loans, grants and subsidised shorter-hours programmes. The German economy is expected to contract by 5.8 percent in 2020, the deepest slump in its post-war history, before rebounding by 4.4 percent in 2021. edf/hmn/wai
schema:headline	Germany to breach balanced budget rule again in 2021: minister
schema:mentions	Johann Martin Augustin Scholz Government budget balance Olaf Scholz Angela Merkel Germany European Union Pandemic Virus Coronavirus Alt-Berlin European Development Fund Brake
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	69 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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