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German coalition parties agree 130 bln euro stimulus package
00:34
* Second package aimed at helping economy to recover
* Deal features cut in VAT, money for families
* Also includes incentives to promote the sale of electric cars
* New measures partly to be financed with old funds
By Michael Nienaber and Holger Hansen
BERLIN, June 3 (Reuters) - Chancellor Angela Merkel's ruling
coalition on Wednesday agreed a bumper stimulus package to speed
up Germany's recovery from the coronavirus
Speaking at a news conference after marathon talks that
extended well into the night, Merkel said the package would
amount to 130 billion euros ($146 billion) and include lower
value-added tax (VAT) to boost consumption. [nL8N2DG6MV]
"The size of the package will amount to 130 billion euros
for the years 2020/2021, 120 billion of which will be spent by
the federal government," Merkel said. "So we have an economic
stimulus package, a package for the future."
The stimulus programme follows a 750 billion-euro rescue
package agreed in March which encompassed a debt-financed
supplementary budget of 156 billion euros. [nL8N2BI6XC]
Germany's measures, which together with liquidity aid and
loan guarantees equal more than 30% of its economic output, go
substantially beyond any other national emergency programmes
launched by other euro zone countries.
Merkel said VAT will be reduced from 19% to 16% for six
months starting in July 1. A lower VAT rate for hospitality of
7% would be lowered by two points over the same period. The
overall cost of the VAT measures amount to 20 billion euros.