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rdf:type	schema:NewsArticle
schema:articleBody	The German government agreed Wednesday to take on record borrowing this year as it looks to weather the economic blow of the coronavirus pandemic. In budget adjustments signed off by Chancellor Angela Merkel's cabinet, Europe's largest economy will borrow a total 240.2 billion euros ($284 billion) in 2021, a third more than initially planned. "We are taking the right measures to manage the economic and financial effects of the pandemic," said Finance Minister Olaf Scholz. The adjusted budget, which will also see Berlin break its taboo on new debt for the third year in a row, still has to be approved by parliament. After maintaining a budget surplus for the last decade, the economic slump caused by the pandemic has forced Berlin to take on 370 billion euros in new debt in 2020 and 2021, with an extra 85.1 billion planned for 2022. With the country facing a dangerous third wave and shutdown measures extended into April, Germany's recovery has proved slower than expected this year. Having originally planned to halt borrowing in 2022, the government is now aiming to return to its golden rule of fiscal discipline a year later, with only 8.3 billion euros of new debt in 2023. The so-called "debt brake" is a rule enshrined in the constitution which forbids the government from borrowing more than 0.35 percent of gross domestic product (GDP) in a year. Germany smashed the taboo in 2020 and 2021 as it scrambled to shield businesses and workers from the economic hit of the coronavirus. The state has already paid out more than 114 billion euros of financial support to businesses since the beginning of the pandemic in the form of guaranteed loans, direct aid and shorter-hours work schemes. Yet according to a report published by the German Economic Institute on Wednesday, the crisis has still cost the German economy 250 billion euros so far. kih/dlc/lth
schema:headline	German cabinet agrees record levels of new debt for 2021
schema:mentions	Government of Austria Taboo Finance minister Olaf Scholz Cabinet of Germany Angela Merkel Berlin Germany Gross domestic product European Union Pandemic Severe acute respiratory syndrome coronavirus 2 Golden Rule Brake
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-24 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	69 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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