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Economy and corona crisis Unlimited loans - for a long time
The corona crisis requires drastic measures - also in the economy. The Federal Government wants to support companies with loans - and that indefinitely. In the daily topics , Finance Minister Scholz is certain that Germany can hold out.
The Federal Government has promised unlimited loans to companies affected by the corona crisis - a measure unprecedented to date. But can Germany sustain the enormous financial burdens that the country will face over a longer period of time? "Yes," said Finance Minister Olaf Scholz in the daily topics . Germany has made good provision - now the solid budgetary policy of the past few years is paying off.
Scholz and Minister of Economic Affairs Peter Altmaier jointly informed about the loan commitments to German companies in the morning. According to Altmaier, a drastically increased guarantee framework at the Staatsbank KfW could make half a trillion euros available. The government initially made 20 billion euros available to KfW.
"There is no upper limit on the loan amount that KfW can grant," said Scholz. "We said there should be no limits." The federal government is not slowly approaching, but pledges all help from the outset. "We put all weapons on the table."
With regard to the spread of the corona virus, the SPD politician said that the country was "facing a very serious situation". The crisis will have "very noticeable consequences" when it comes to the economic consequences. The Federal Government would do everything possible to cushion the crisis: "We will use every means that is available to us. That is why it is not spilled, it is padded."
Scholz emphasized that it was now a matter of securing companies and jobs. "We show that we are stronger than the problem we can face." The aid programs through KfW help small, medium and very large companies.
Scholz also "does not want to exclude" a supplementary budget because of financial expenses. Even the scenario of taking on new debt "for additional money needs" was described by Scholz as "not completely implausible". Chancellor Angela Merkel had not previously ruled out softening the black zero in the household. "We do what is necessary," she said.
In addition, the government wants to help companies with tax relief, for example by deferred taxes. That would be billions of euros that would initially not end up in the state treasury, said Scholz.
Altmaier had previously submitted a three-step plan . The first stage includes existing instruments such as guarantees and KfW loans to combat short-term liquidity problems and to make short-time work easier. The German Bundestag and the Bundesrat have already decided on such relief in a rapid procedure. If the economic consequences of the virus intensify, stage two should come: Then loans could be made more flexible and increased. The federal government could then put more billions of euros in existing pots. The third stage provides economic stimulus programs on a large scale if, due to the virus, companies have to shut down their production on a large scale due to interrupted supply chains and business operations are threatened.
A temporary participation of the state in strategically important companies does not rule out Altmaier. He has already mentioned this option in his industrial strategy, for example when it comes to companies from highly sensitive areas, said the CDU politician. "Even in a crisis like that caused by the corona virus, similar questions can arise with regard to technological and economic sovereignty." At the moment, however, he sees no large number of nationalizations coming.
