BERLIN — The German economic and finance ministers said Friday that they would make unlimited financing available through the national development bank KfW as part of efforts to immunize Europe’s largest economy from the impact of the coronavirus.
The government made clear there is no upper limit to the total aid that could be provided to affected companies, and it isn’t ruling out nationalization of troubled businesses.
“No healthy company should go bankrupt because of corona, no job should be lost,” said Economy and Energy Minister Peter Altmaier, announcing the response alongside Finance Minister Olaf Scholz.
In response to the spread of the coronavirus, large-scale events have been canceled, Lufthansa and Deutsche Bahn are offering mass refunds, while museums, night clubs and theaters have closed and everything from taxi firms to restaurants will see revenues collapse.
The KfW state development bank will be the main “bazooka” for combating the economic impact of the virus, Scholz said, adding that further decisions on smaller measures will be taken in the coming days.
“We have the financial strength to deal with this crisis,” said Scholz. “There is enough money and we will use it.”
He said he would talk early next week with fellow European finance ministers on how to respond to disruption caused by the pandemic.
According to latest available figures, there have been 2,369 cases of coronavirus in Germany.
The post Germany offers unlimited help to keep coronavirus-battered economy afloat appeared first on Politico.