Germany’s debt interest payments could soar next year, finance minister warns – newspaper

German Finance Minister Christian Lindner speaks through a session of German decreased house of parliament, Bundestag, in Berlin, Germany May perhaps 31, 2022. REUTERS/Hannibal Hanschke

BERLIN, June 18 (Reuters) – Finance Minister Christian Lindner warned that curiosity fees on Germany’s general public credit card debt could achieve 30 billion euros next calendar year owing to rising fascination costs and developing personal debt stages, including that he would resist calls to raise spendinga.

Lindner stated he wanted to bring an finish upcoming yr to the three yrs of federal government largesse that had characterised makes an attempt to prop up the economy through the coronavirus crisis and reapply Germany’s constitutional debt brake subsequent 12 months.

“We are enduring hazardous inflation that has to be braked,” he advised the Welt am Sonntag newspaper in an job interview. “Preparedness to acquire entrepreneurial pitfalls could be lessened. We are unable to enable this come to be an economic disaster.”

Germany spent 4 billion euros on curiosity past calendar year, reported Lindner, from the company-helpful Free Democrat occasion, adding that he would resist calls from his coalition partners for improved spending.

“We are not able to afford to pay for unwell-directed subsidies any more,” he mentioned. He listed subsidies for shopping for electric powered and hybrid cars and trucks that were being available even to quite high earners as examples of subsidies that must be scrapped.

Reporting by Thomas Escritt
Enhancing by Sandra Maler

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