German debt to reach some 70% of output this year – Lindner

Germany's FM Christian Lindner holds a news conference on German budget plans in Berlin
Germany's Finance Minister Christian Lindner holds a news conference on German budget plans in Berlin, Germany March 16, 2022. REUTERS/Lisi Niesner

March 16, 2022

BERLIN (Reuters) – Germany’s public debt will be around 70% of economic output this year and will fall to no more than the 60% ceiling set by the European Union in the second half of this decade, Finance Minister Christian Lindner said on Wednesday.

Lindner spoke at a news conference after the government approved spending plans that include measures totalling 4.5 billion euros ($4.96 billion) this year to help consumers with higher prices, including tax relief for commuters.

He said Russia’s invasion of Ukraine would force Germany to draft additional spending plans not included in the current budget to shoulder the economic effects of the war as well as provide humanitarian relief for Ukraine and Ukrainians seeking refuge in Germany.

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(Reporting by Christian Kraemer and Joseph Nasr; Editing by Maria Sheahan)