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Germany's debt interest payments could soar next year, finance minister warns - newspaper

Economy Jun 18, 2022 01:15AM ET
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© Reuters. FILE PHOTO: German Finance Minister Christian Lindner speaks during a session of German lower house of parliament, Bundestag, in Berlin, Germany May 31, 2022. REUTERS/Hannibal Hanschke

BERLIN (Reuters) - Finance Minister Christian Lindner warned that interest charges on Germany's public debt could reach 30 billion euros next year due to rising interest rates and growing debt levels, adding that he would resist calls to increase spendings.

Lindner said he wanted to bring an end next year to the three years of government largesse that had characterised attempts to prop up the economy through the coronavirus crisis and reapply Germany's constitutional debt brake next year.

"We are experiencing dangerous inflation that has to be braked," he told the Welt am Sonntag newspaper in an interview. "Preparedness to take entrepreneurial risks could be reduced. We can't let this become an economic crisis."

Germany spent 4 billion euros on interest last year, said Lindner, from the business-friendly Free Democrat party, adding that he would resist calls from his coalition partners for increased spending.

"We can't afford ill-directed subsidies any more," he said. He listed subsidies for buying electric and hybrid cars that were available even to very high earners as examples of subsidies that should be scrapped.

Germany's debt interest payments could soar next year, finance minister warns - newspaper
 

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Comments (4)
Tom Sc
Tom Sc Jun 18, 2022 6:15AM ET
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lol 30 billion euro debt service fee. in the US it will be in excess of a trillion
taylor jason
taylor jason Jun 18, 2022 6:15AM ET
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it's all relative. Germany is smaller than the state of NY....
Ioannis Dislias
IoannisDislias Jun 18, 2022 5:09AM ET
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Stop the war support russia no Ukraine
Lu kas
Lu kas Jun 18, 2022 5:09AM ET
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yes support dictatorships!! :D give them all they want :))
Chris Sundo
Chris Sundo Jun 18, 2022 2:53AM ET
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The truth always comes out, usually 13 mos later. Why did they waste money by giving subsidies to the rich?
FMGK Blue
FMGK Blue Jun 18, 2022 1:20AM ET
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Germany has been fighting the ECB for years to ask for higher interest rates... Be careful what you are wishing for... Higher rates = higher cost of debt. Simple.
Lawrenti Berija
Lawrenti Berija Jun 18, 2022 1:20AM ET
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No it hasn't. weidmann maybe pretented to fight the rest of the ECB criminals club but in the end of the day he always folded.
Tom Sc
Tom Sc Jun 18, 2022 1:20AM ET
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low rates equal inflation. pick your poison I guess.
 
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