GERMANY SEEKS FRESH $112-B COVID-19 STIMULUS PACKAGE
Germany could launch a fresh package of stimulus of as much as 100 billion euros ($112 billion) to defend against the coronavirus pandemic, Bloomberg reported, just days after the European Union (EU) proposed a 750-billion euro ($826 billion) pan-European plan.
Berlin is reportedly considering measures such as aid for families, car subsidies, to name a few. German newspaper Bild said the total amount of the package will range between 75 billion euros ($83.9 billion) and 80 billion euros ($89.4 billion), significantly lower than the top figure cited by Bloomberg, Saloni Sardana wrote for Business Insider on June 2, 2020.
German Chancellor Angela Merkel will host a meeting at 8:00 a.m. ET with her party, the Christian Democratic Union, and the Social Democrats - who help form Germany's coalition government - to discuss the bailout.
One source told Bloomberg they will try to negotiate a deal in the range of an additional 50 billion euros ($55.6 billion) to 100 billion euros ($112 billion). This is the second time Merkel's government has launched a stimulus after having done so in March when coronavirus was spreading. #COVID19