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Periskopi(6 years ago)
(6 years ago)German Finance Minister Olaf Scholz is working on a bailout package of 57 billion euros to help municipalities cause tax revenues to drop, the effect of the Coronavirus crisis. Europe's largest economy has been facing the largest recession since the Second War. [...]
Europe's largest economy has been facing the largest recession since World War II, although restrictive measures have begun to ease several weeks ago. The decline in business activity has caused tax revenues to decline, and municipalities have remained without means.
Minister Scholz's auxiliary package aims to provide assistance to cities to stabilise finances, Reuters reportedly in a finance ministry document seen by the news agency.
This shield should not only remove cities and municipalities from the difficult situation but also enable them to do their work better”, the German minister was quoted as saying.
The federal government is demanding that 16 regional governments cover half the cost of this package, while the assembly must approve it before the end of this year, the document is said.
It is expected that the finance minister will provide more details about this package later on Saturday, writes “Reuters”, Report Express broadcast.
