Budget committee approves Germany's massive borrowing plans
Tweet
Share
E-mail
FILE PHOTO: The skyline with the banking district and the headquarters of the European Central Bank (ECB) are photographed in Frankfurt, Germany, October 4, 2021. REUTERS/Kai Pfaffenbach/File Photo
BERLIN (Reuters) - Germany's parliamentary budget committee on Sunday approved plans for a massive increase in state borrowing aimed at bolstering defence and reviving growth in Europe's biggest economy.
The committee convened for an extraordinary session and backed the plans -- agreed on Friday between the conservative CDU/CSU, the Social Democrats and the Greens -- sending them on to parliament for adoption.
The bill, which includes a 500 billion euro ($540 billion) fund for infrastructure and changes to borrowing rules, will require a two-thirds majority in the parliamentary vote, which is scheduled for Tuesday, March 18.
It will be one of the last major acts of this Bundestag, or lower house, before a new one is due to convene on March 25 following an election last month.
"Today in the budget committee we have cleared the way for future investments," Greens lawmaker Sven-Christian Kindler told Reuters. $1 = 0.9192 euros)
(Reporting by Holger Hansen; Writing by Christoph Steitz; Editing by Kevin Liffey)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- McConnell says he won't be able to return to U.S. Senate yet
- US conducts strikes on Iran missile systems around Strait of Hormuz, Axios reports
- Ukraine's Zelenskiy dismisses Prime Minister Svyrydenko after only a year
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
