Germany aims to make long-term financial gains from selling stakes in companies ...
FILE PHOTO: German Finance Minister Olaf Scholz gives a speech during a session at the lower house of German parliament, Bundestag, on the outbreak of the coronavirus disease in Berlin, Germany, March 25, 2020. REUTERS/Michele Tantussi
BERLIN - Germany aims to make long-term financial gains from selling stakes in companies it acquires during the coronavirus crisis to ensure their survival, Finance Minister Olaf Scholz told the Rheinische Post daily on Thursday. The pandemic is all but certain to tip Europe’s biggest economy into recession and Chancellor Angela Merkel’s government has announced measures to cushion the blow for workers and firms, including buying stakes in companies to protect them.
Scholz has made clear the state does not want to hang on to these holdings longer than necessary and will limit the acquisitions to the most extreme cases. “When the situation has normalized we want to sell them again. We expect the economic revival to be so great that we will in part sell them making a profit so we can cover losses in other areas,” he told the paper.The German lower house on Wednesday approved a massive stimulus package and suspended the country’s constitutionally enshrined debt brake to help fund it.
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