About: http://data.cimple.eu/news-article/4ca62d7590ff8af1934211da5fe07269e79ca6d1421ad589a375d030

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rdf:type	schema:NewsArticle
schema:articleBody	Chancellor Angela Merkel's government plans to lift Germany's limits on new debt, to seek 156 billion euros in new borrowing to help the country fight the coronavirus pandemic, according to a draft bill seen by AFP Saturday. "In order to compensate for the forecasted loss in tax revenues and to finance the measures to combat the coronavirus, the Federal Ministry of Finance is authorised to take out loans" amounting to 156 billion euros for 2020, according to the bill. The sum of new borrowing would exceed what is permissible by law by 100 billion euros, added the document, which will have to be approved by the German parliament. Germany's so-called "debt brake" was written into its constitution in 2009, and limits a federal budget deficit to 0.35 percent of GDP. The limit can be exceeded only in emergencies, for instance in natural disasters or other extraordinary situations that significantly impact the country's finances. Beyond the "debt brake", keeping the budget of Europe's biggest economy balanced is a key campaign promise of Merkel's party. The self-imposed dogma of maintaining a "black zero" has been a constant source of friction with other European countries, including France, which argues that Germany should invest more to help the eurozone bolster its economy. But faced with the coronavirus pandemic which has brought all travel to a standstill, forced employees into working shorter hours and left more shops shut, Merkel has vowed that Germany will do whatever it takes to preserve its economy. "We will do what we can to get through this situation well, and we will see at the end of that where our budget stands," she said on March 11, stressing that ending the virus crisis "comes first". hmn/har
schema:headline	German to lift debt limits for 156 bn euros in new borrowing: draft bill
schema:mentions	Conscription Eurozone Deficit spending Agence France-Presse Angela Merkel Germany Gross domestic product European Union Pandemic Virus Severe acute respiratory syndrome coronavirus 2 Dogma Brake Friction French Third Republic
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-21 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	86 (xsd:integer)

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