News analysis

Germany turns away from austerity as it fights Covid-19 with hundreds of billions of euros

PHOTO: REUTERS

BERLIN - In an unprecedented turnaround from its austerity policy pursued in the past, Germany is injecting hundreds of billions of euros into the economy to limit the impact of coronavirus outbreak.

On Monday (March 23), the German government agreed to take up new debt of €156 billion (S$245 billion).

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