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Germany slides deeper into budget crisis. Here's what you need to know

Germany’s budget is in trouble.

Last week, the constitutional court ruled that it was unlawful to re-allocate unused debt originally designated for emergency Covid-19 pandemic funding to current spending plans.

This week, the finance ministry froze spending across all ministries.

But that could be just the tip of the iceberg as financial woes could lead to political ones, and even potentially endanger the future of Berlin’s coalition government.

Germany didn’t get to this point overnight, however — in ways, the roots of the current crisis even predate the pandemic. And that is because of Germany’s so-called debt brake.

maynarkh ,

TL;DR

Germany is not “running out of money”, this is a political crisis, not a financial one.

The government took on additional debt for COVID which it didn’t need after all as it came out better than expected. They spent it on fighting climate change instead. The opposition successfully argued in court that the govt wasn’t allowed to do that and they need to put the money back, but they already spent it.

Gnomie ,

Thanks for the clarification

avidamoeba ,
@avidamoeba@lemmy.ca avatar

It seems like Germany is going to Austrian itself into an economic crisis.

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