WORLD German govt agrees economic package worth hundreds of billions in virus fight

WORLD

German govt agrees economic package worth hundreds of billions in virus fight

AFP

20:04, March 23, 2020

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A cyclist rides outside the Frankfurt Stock Exchange, in Frankfurt, Germany, February 3, 2020. (Photo: VCG)

Chancellor Angela Merkel's cabinet on Monday agreed an unprecedented package of support to Europe's biggest economy worth hundreds of billions of euros to cushion the impact of measures to contain the novel coronavirus, government sources told AFP.

Funded by a massive surge in government borrowing and comprising direct cash injections as well as far-reaching loan guarantees, the steps to help companies, workers and households are expected to be voted through by both houses of parliament by the end of the week.

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