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* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds details, updates prices)June 25 (Reuters) - Euro zone bond yields edged up on Friday ahead of U.S. inflation data that will give the latest steer on price pressures as economies bounce back from the coronavirus slump. Following a hefty sell-off last week after U.S. Federal Reserve policymakers brought forward their first projected rate hike to 2023 from 2024, euro zone bond markets calmed this week as they adapted to the Fed’s messaging. With little data coming out of the single currency bloc, euro area bond yields were steady in early Friday trade. In the primary market, Italy raised 3.75 billion euros from the auction of a bond due Nov 2022 and an inflation-linked 30-year bond in an auction. Southern European bond yields rose and Italian bonds underperformed the market, with 10-year yields up nearly 3 basis points to 0.89% as investors digested further Italian supply.
Persons: , Michael Leister, Isabel Schnabel Organizations: Federal Reserve, Reuters, , U.S, Southern, European Central Bank Locations: Italy
Column: Only half time in public debt match
  + stars: | 2021-06-25 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +6 min
But it ups the ante on public debt even further. If additional debt-financed spending can lift economic potential without stoking inflation, decades of trepidation over unchecked public debt loads moving from crisis to crisis may well have been wide of the mark and a different regime of high but manageable public debt at hand. Persistently high inflation surprises and full passage of U.S. spending bills could challenge that market stability, they add, but that’s “a limited risk” at this stage. Parsing differing arguments on measuring sovereign debt sustainability, the effects of high debt on growth, possible tipping points and debt dynamics of ageing societies, the piece concluded with pretty stark warnings about the trajectory. “This ‘low interest rate/high public debt’ equilibrium is fragile, as it crucially hinges on a continuation of low inflation,” wrote Deutsche economist Sebastian Becker.
Persons: Michael Oliver, Lars Baron, stokes, what’s, , busily, Christian Keller, Akash Utsav, , that’s, PIMCO’s Tiffany Wilding, Andrew Balls, Sebastian Becker Organizations: Soccer Football, Saint Petersburg, REUTERS, European, Barclays, JPMorgan, Deutsche Bank, Deutsche, Reuters Locations: Sweden, Poland, Saint Petersburg, Russia, hove, Britain, Cornwall, CORNWALL, U.S, United States, France, Italy, Germany
COLUMN-Only half time in public debt match: Mike Dolan
  + stars: | 2021-06-25 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +6 min
But it ups the ante on public debt even further. If additional debt-financed spending can lift economic potential without stoking inflation, decades of trepidation over unchecked public debt loads moving from crisis to crisis may well have been wide of the mark and a different regime of high but manageable public debt at hand. Persistently high inflation surprises and full passage of U.S. spending bills could challenge that market stability, they add, but that’s “a limited risk” at this stage. Parsing differing arguments on measuring sovereign debt sustainability, the effects of high debt on growth, possible tipping points and debt dynamics of ageing societies, the piece concluded with pretty stark warnings about the trajectory. “This ‘low interest rate/high public debt’ equilibrium is fragile, as it crucially hinges on a continuation of low inflation,” wrote Deutsche economist Sebastian Becker.
Persons: stokes, what’s, , busily, Christian Keller, Akash Utsav, , that’s, PIMCO’s Tiffany Wilding, Andrew Balls, Sebastian Becker Organizations: Reuters, LONDON, European, Barclays, JPMorgan, Deutsche Bank, Deutsche Locations: hove, Britain, Cornwall, CORNWALL, U.S, United States, France, Italy, Germany
LOS ANGELES — Conan O'Brien ended his 11-year run on TBS' "Conan" by touting the "intersection between smart and stupid." Conan O'Brien of TBS's CONAN speaks onstage during the WarnerMedia Upfront 2019 show at The Theater at Madison Square Garden in New York on May 15, 2019. Black also reminded O'Brien that his first-ever talk show appearance was on "Late Night with Conan O'Brien." "It's been a great way for me to hide my money in banks all around the world," O'Brien said. I think when smart and stupid come together, it's very difficult.
Persons: Conan O'Brien, Jack Black, Black, , gurney, TBS's CONAN, Dimitrios Kambouris, O'Brien, Carson, Letterman, Jack, Andy Richter, Johnny, Will Ferrell, Martin Short, Zack Galifianakis, Nicole Byer, Andy Samberg, Lea Delaria, Mary Kay, It's, O'Brien's, Liza, Sona Mouvsesian, Conan, Homer Simpson, O'Brien — Organizations: TBS, Madison, Largo Locations: New York, Boston, Cuba, South Korea, Armenia, Israel, Australia, Mexico, Ghana, Germany, Japan, Greenland, Italy
Universal Paternity Leave Needs More Than New Laws for a Push
  + stars: | 2021-06-25 | by ( Seema Jayachandran | ) www.nytimes.com sentiment -0.98   time to read: +2 min
The researchers looked at cases where, coincidentally, a man’s “competitors” at work all took paternity leave around the same time. Strikingly, if the competitors were also on leave, the setback to a man’s career from taking leave was negligible. It was when a man took leave but his competitors did not that his earnings suffered. We may not commonly call our co-workers competitors, but in a sense they often are exactly that, and not just in Norway. They remain neck and neck for a promotion, but they would have also been neck and neck — yet happier — if both had taken leave.
Persons: Johnsen, Salvanes, , Locations: Norway, Italy, Germany
The logo of an infrastructure group Atlantia is seen outside their headquarters, in Rome, Italy October 5, 2020. REUTERS/Guglielmo Mangiapane/File PhotoMILAN, June 25 (Reuters) - Italian prosecutors investigating the deadly collapse of a bridge in 2018 have asked for 59 defendants, including former Atlantia (ATL.MI) CEO Giovanni Castellucci, to be sent for trial, two judicial sources told Reuters. The road bridge, operated by Atlantia's motorway unit Autostrade per l'Italia, collapsed in the port city of Genoa on Aug. 14, 2018, killing 43 people and laying bare the dire state of Italy's crumbling infrastructure. Prosecutors have also asked for Autostrade, engineering unit SPEA, former SPEA boss Antonino Galatà, and former transport ministry officials to be sent to trial, the sources said. The prosecutors have decided to exclude from the trial request 10 suspects, on which further assessments and investigations will be carried out, the sources said.
Persons: Guglielmo Mangiapane, MILAN, Giovanni Castellucci, Antonino Galatà, Autostrade, Galatà, SPEA, Benetton, Emilio Parodi, Francesca Landini, Agnieszka Flak Organizations: REUTERS, Reuters, Prosecutors, Thomson Locations: Rome, Italy, Genoa, Autostrade
The towering 2,000-year-old stone amphitheatre, the biggest in the Roman empire, is Italy's most popular tourist attraction, drawing 7.6 million visitors in 2019. The circular balconies, long accessible to tourists, used to accommodate up to 70,000 spectators to watch gladiator fights, executions and animal hunts. The arena could also - before the hypogeum was built - be filled with water to re-enact sea battles. Now a new 160 metre (525 ft) walkway reveals a part of the monument that has not been accessible to visitors. The final phase involves renewing the galleries and the lighting system and creating a new visitor centre.
Persons: Gracchus, della Valle, Della Valle, let’s, Crispian Balmer, Kevin Liffey Organizations: Senate, Tod’s, La Scala, Thomson Locations: Rome, trapdoors, Italy
Why Wall Street loves Joe Manchin right now
  + stars: | 2021-06-25 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +7 min
Those words, from President Joe Biden on infrastructure spending, were enough to trigger a Wall Street celebration . "Infrastructure spending strengthens an already very strong economic growth outlook," said Jeff Buchbinder, equity strategist for LPL Financial. Victoria's Secret has made a huge pivot. Although marketing trends changed, Victoria's Secret mostly stuck to the same playbook that helped it dominate the industry for years: push-up bras and scantily-clad celebrity models known as its "Angels." But Victoria's Secret seems to be on a much better track.
Persons: Joe Biden, Stocks, Biden, Mitt Romney, Joe Manchin —, Jeff Buchbinder, Jeffrey Sacks, Arnold Donald, Long, Janine Stichter, Nathaniel Meyersohn, Megan Rapinoe, Priyanka Chopra Jonas, Paloma Elsesser, Stichter Organizations: CNN Business, Bell, CNN, Republican, Democratic, White, Dow, Nasdaq, LPL, Citi Private Bank, Biden, P Global, US Centers for Disease, British Airways, IAG, Jefferies, L, Brands Locations: London, Europe, East, Africa, United Kingdom, France, Spain, Italy, tatters
Italy wanted EU-Russia summit, backs dialogue with Moscow -Draghi
  + stars: | 2021-06-25 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Italy's Prime Minister Mario Draghi arrives for a European Union leaders meeting in Brussels, Belgium June 24, 2021. REUTERS/Johanna Geron/PoolBRUSSELS, June 25 (Reuters) - Italy backed a Franco-German proposal to hold a summit with Russia, Italian Prime Minister Mario Draghi said on Friday, adding it was important to maintain dialogue with such an important economic power. The proposal was rejected at an EU summit, after Poland and Baltic countries said it would send the wrong message as East-West ties deteriorate. Speaking at the end of the summit, Draghi said many people only found out about the idea on Thursday, giving its supporters little time to rally support. "Russia is an important player on the economic and political front, it cannot not be involved, we must have an active dialogue," Draghi told reporters.
Persons: Mario Draghi, Johanna Geron, Draghi, Crispian Balmer, Agelo, Gavin Jones Organizations: Italy's, European Union, REUTERS, Thomson Locations: Brussels, Belgium, BRUSSELS, Italy, Franco, Russia, Italian, Poland, Baltic
Italy's Draghi dismisses China's Covid vaccine, casts doubt on Sputnik
  + stars: | 2021-06-25 | by ( ) www.cnbc.com sentiment -1.00   time to read: +1 min
Italian Prime Minister Mario Draghi said China's anti-COVID vaccine did not fully work and questioned whether Russia's Sputnik jab would ever get approval from European regulators. You can see that from Chile's experience of tackling the epidemic," Draghi told reporters at the end of a European Union summit. With a second jab, it was 67% effective in preventing symptomatic infection, 85% effective in preventing hospitalizations and 80% in preventing deaths. Draghi also questioned Russia's Sputnik vaccine. "The Russian vaccine Sputnik has never been able to get approval from EMA and perhaps it never will," Draghi said.
Persons: Mario Draghi, Draghi, China's Sinovac Organizations: Italian, European Medicines Agency, Reuters, Sputnik, EMA Locations: Chile, hospitalizations
French President Emmanuel Macron gives a press conference on the second day of a EU summit at the European Council building in Brussels, Belgium June 25, 2021. Divisions weaken us," Macron told a news conference. "We saw President Biden meeting President Putin a few weeks ago. "I have no obsession with a summit with the 27 (leaders)," Macron said. "I'll be frank, I don't need an EU summit to see Vladimir Putin.
Persons: Emmanuel Macron, Stephanie Lecocq, Vladimir Putin, Angela Merkel, Macron, Joe Biden, Putin, Biden, that's, Sebastian Kurz, Italy's Mario Draghi, Krisjanis Karins, Sudip Kar, Matthieu Protard, Michel Rose Organizations: EU, European, REUTERS, Austria's, Franco, Latvia's, Thomson Locations: Brussels, Belgium, REUTERS PARIS, France, Germany, Moscow, Russia, East, West, Ukraine's Crimea, Ukraine, Russian
U.S. Treasury Secretary Janet Yellen testifies before the Senate Appropriations Subcommittee on Financial Services about the FY22 Treasury budget request on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool via REUTERSWASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen will attend the G20 finance ministers and central bank governors meeting in Venice, Italy, on July 9-10 to press U.S. policy priorities on taxes, climate change and an inclusive recovery from the COVID-19 pandemic, the Treasury said on Thursday. Yellen will meet bilaterally with G20 counterparts and attend the Venice International Conference on Climate with G20 counterparts on July 11. She will then travel to Brussels to meet with European Union counterparts and the Eurogroup“to discuss U.S. policy priorities and respective efforts to support the economic recovery,” Treasury said.
Persons: Janet Yellen, Greg Nash, Yellen, Organizations: Treasury, Financial Services, Capitol, REUTERS WASHINGTON, . Treasury, Venice International, European Union, ” Treasury Locations: Washington , DC, Venice, Italy, Brussels
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates with Ifo)LONDON, June 24 (Reuters) - Government bond yields in the euro area drifted higher on Thursday, with news that German business morale is at its highest in 2-1/2 years adding to brightening prospects for the region’s economy. The Ifo institute said its business climate index hit its highest level since November 2018 on companies’ surging optimism about the second half of the year in Europe’s largest economy. A Bank of England meeting later on Thursday could further push up bond yields if policymakers suggest that massive stimulus could be taken away sooner than expected as the economy bounces back from the COVID-19 shock. Elsewhere, Italy started marketing a new CCTEU bond maturing on April 15, 2029 which it plans to sell via a pool of banks. Italy’s 10-year bond yield was last up just half a basis point at 0.90%.
Persons: , Christoph Rieger, UniCredit, Dhara Ranasinghe, Lincoln Organizations: Bank’s, U.S . Federal Reserve, Bank of England Locations: Europe’s, Italy
LAN network cables plugged into a Bitcoin mining computer server are pictured in Bitminer Factory in Florence, Italy, April 6, 2018. Last month, Beijing called for measures to stamp out bitcoin mining amid concerns over its environmental impact. China's crackdown intensified over the weekend, with authorities in the hydropower-rich Chinese province of Sichuan ordering crypto miners to shut down operations. According to reports, more than 90% of China's bitcoin mining capacity is estimated to be closed. But bitcoin mining is nothing like hunting for gold or other precious metals.
Persons: Alessandro Bianchi, Alyse Killeen, hashrate Organizations: Factory, Reuters, China, BTC Locations: Florence, Italy, cryptocurrencies, Beijing, China, North America, Sichuan
Given emissions were at installations handling natural gas - and methane is its main component - they concluded the emissions recorded by CATF were almost certainly methane. U.S. President Joe Biden's administration plans to propose new rules this year to reduce methane emissions. The New York Times used an infrared camera to identify large methane leaks at U.S. oil and gas sites in 2019 while satellite footage made available to Reuters revealed massive methane leaks from Russian gas pipelines. MOL said there were no existing regulations requiring it to measure or report emissions but it aimed to end routine methane emissions from gas activities by 2030. OMV said it fully supported new EU methane rules.
Persons: James Turitto, That's, CATF, Turitto, Jonathan Dorn, Eni, Andris Piebalgs, Joe Biden's, Tim Doty, SNAM, OMV, Doty, David Clarke Organizations: Reuters, Clean Air Task Force, Air Task Force, EU, Italy's Eni, Abt Associates, Eni, Florence School of, New York Times, Texas Commission, Environmental, Oil, Gas Methane Partnership, U.S, MOL, Thomson Locations: La Spezia, Italy, Handout, Europe, BRUSSELS, LONDON, Union, Austria, Czech Republic, Germany, Hungary, Poland, Romania, Pineto, Brussels, EU, Minerbio, Bologna, United States, Paris, Hungarian, Vienna
Enel to launch crowd-funding to involve local communities in green plant building
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.92   time to read: 1 min
The logo of Italian multinational energy company Enel is seen at the Milan headquarters, Italy, February 5, 2020. REUTERS/Flavio Lo ScalzoMILAN, June 24 (Reuters) - Enel (ENEI.MI) will launch crowd funding-like schemes to involve local communities in Italy in the building and financing of green plants, the utility's renewable energy chief said. "We are trying to involve the local communities in the project itself," Enel Green Power CEO Salvatore Bernabei said on Thursday during an online debate on the energy transition. Bernabei also said one of the main concerns was that there would not be enough people with the right skills to reach the pace required by the energy transition. Reporting by Stephen Jewkes, editing by Maria Pia QuagliaOur Standards: The Thomson Reuters Trust Principles.
Persons: Flavio Lo Scalzo MILAN, Salvatore Bernabei, Bernabei, Stephen Jewkes, Maria Pia Quaglia Organizations: REUTERS, Green, Thomson Locations: Milan, Italy
REUTERS/Guglielmo MangiapaneMILAN, June 24 (Reuters) - Ferrari (RACE.MI) unveiled a new plug-in hybrid car on Thursday to increase its offer of cleaner vehicles and meet changing tastes in the exclusive market for high-performance sports cars. The new 296 GTB comes after 2019's SF 90 Stradale, Ferrari's first hybrid car in series-production, and 2020's SF90 Spider. read moreThe new 296 GTB sports car will be fitted with a 6-cylinder (V6) mid-rear turbo engine, the first for a Ferrari road car, although such engines have roots dating back to the 1950s in Ferrari racing cars. Ferrari road cars are normally powered by V8 or more powerful - but also more polluting - V12 engines. The 296 GTB is the third of three cars Ferrari has promised for this year.
Persons: Guglielmo Mangiapane MILAN, Ferrari, Lamborghini, Benedetto Vigna, chipmaker, Giulio Piovaccari, Mark Potter Organizations: REUTERS, Ferrari, Porsche, Volkswagen, Thomson Locations: Maranello, Italy
Gioi Tran, 54, is an interior designer and cofounder of firm Applegate Tran with his partner Vernon. Applegate Tran Interiors. Applegate Tran Interiors. The Applegate Tran design team hard at work. I sell my paintings to people that come through, and I get design clients.
Persons: Gioi Tran, Applegate Tran, Vernon, He's, Emma Reynolds, Vernon Applegate, Tran, Christopher Stark, They're, I've, they'll, They'll, Christopher Stark We'll, it's, Rich, we've, Luigi, we'll, Danny, they're Organizations: PayPal, Academy of Art University, Zappos, BlackBerry, Tech, Museum, Greyhound Locations: Bay, Italian, San Francisco, Vernon, Telegraph Hill, Pacific Heights, New York, Guatemala, America, NYC, Italy, Alamo, Miami
Tilda Swinton brings Pasolini's costumes to life in Rome show
  + stars: | 2021-06-24 | by ( ) www.reuters.com + 0.99   time to read: +1 min
Oscar-winning British actor Tilda Swinton and former director of the Palais Galliera fashion museum Olivier Saillard present their "Embodying Pasolini" performance at the Mattatoio in Rome, Italy June 24, 2021. REUTERS/Yara NardiROME, June 24 (Reuters) - Oscar winner Tilda Swinton brings costumes seen in Italian director Pier Paolo Pasolini's films back to life in a special performance where the focus is on the clothes. In "Embodying Pasolini", the actor unpacks, displays and tries on the costumes, sometimes with the help of fashion historian and curator Olivier Saillard. "The performance is really the creation of an exhibition and we are curators and it's real, it's not a fake, it's not a fiction. We are creating an exhibition here," Swinton told Reuters on Thursday.
Persons: Oscar, Tilda Swinton, Olivier Saillard, Pasolini, Yara, Pier Paolo Pasolini's, unpacks, Danilo Donati, Rex, Swinton, Olivier, Salo, Cristiano Corvino, Marie, Louise Gumuchian, Andrew Heavens Organizations: Palais, REUTERS, Reuters, Thomson Locations: British, Rome, Italy, ROME
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman/File PhotoBRUSSELS, June 24 (Reuters) - European leaders will promise on Friday to complete the EU's banking union in the future, but will leave it to their finance ministers to work out when, their draft conclusions showed. "We reiterate our full commitment to the completion of the Banking Union and, capitalising on recent discussions, invite (EU finance ministers) to agree, without delay and on a consensual basis, on a stepwise and time-bound work plan on all outstanding elements needed to complete the Banking Union," the draft said. While the ratio of bad loans has been falling steadily in the euro zone, it is still too high in some countries for Berlin's liking. Euro zone officials said no progress on any of the topics is likely before German parliamentary elections in late September.
Persons: Yves Herman, Jan Strupczewski, Francesco Guarascio, Giles Elgood Organizations: EU, REUTERS, Banking Union, European Deposit Insurance, France, Thomson Locations: Brussels, Belgium, BRUSSELS, EU, Germany, Italy
Posts sharing a story about a 27-year-old New York artist named Lana Newstrom showcasing her “invisible art” are not accurate. Neither the artist nor the art exists: the story was created for a satirical radio show. LOOK AT THESE PEOPLE, STARING, OOHING AND AHHING OVER INVISIBLE ART. The more we think we cannot be shocked anymore then someone ‘creates invisible art’! The story of 27-year-old New York artist Lana Newstrom who made invisible art originated from a satirical radio show.
Persons: Lana Newstrom, , , we’ll, Pat Kelly, Peter Oldring, Phil Stern, ” Artnet.com, Read Organizations: LOOK, CBC, Photography, Reuters Locations: New York, Milan, Italy
MILAN (Reuters) - Italy’s Atlantia will use most of the 8 billion euros ($9.6 billion) of proceeds from selling its motorway unit for deals and helping its subsidiaries invest rather than paying down their debts, a senior source within the group told Reuters. FILE PHOTO: The logo of an infrastructure group Atlantia is seen outside their headquarters, in Rome, Italy October 5, 2020. Last week, Atlantia said it would return to paying dividends and spend up to 2 billion euros on a share buyback, but was silent on debt. Consolidated debt is manageable since it is divided among subsidiaries and managed by each of them, the source added. On Tuesday, credit rating agency Standard & Poor’s upgraded Atlantia, Autostrade and Aeroporti di Roma (AdR) following the deal to sell Autostrade.
Persons: Guglielmo Mangiapane, Benetton, Atlantia, Aeroporti Organizations: MILAN, Reuters, REUTERS, ACA Locations: Rome, Italy, Nice, Genoa
LISBON (Reuters) - As the summer holiday season kicks off, the number of passengers hopping on Ryanair RYA.I planes is "mushrooming" despite travel restrictions in place to control the spread of the coronavirus, Group Chief Executive Michael O'Leary said on Wednesday. O’Leary said Ryanair carried 1.7 million passengers in May and said the number was likely to increase to 5 million in June and 9 million the following month. To boost travel further, O’Leary said fully vaccinated holidaymakers across Europe should be allowed to travel freely. Britons returning from European holiday destinations, including Spain, Portugal and Greece, that are currently rated “amber”, have to take multiple COVID-19 tests and isolate for 10 days. O’Leary said the increase in cases would not have a big impact on Ryanair.
Persons: Michael O'Leary, O’Leary, ” O’Leary, Organizations: Ryanair, Reuters, Britain, Ireland Locations: LISBON, Lisbon, Portugal, Germany, Scandinavia, Benelux, Spain, Greece, Italy, Europe, Britain, France, United States
Political infighting last month forced Rome to drop a costly Treasury scheme aimed at easing a sale of MPS to UniCredit, Italy’s second-largest bank. Despite a bad loan clean-up to prepare for a sale, ongoing legal risks totalling 10 billion euros and a weak operating performance make MPS an unattractive target. The merger incentives the Treasury has dropped would have allowed UniCredit to take over in stages both Banco BPM , which has roots in Italy’s wealthy north, and MPS. A fourth person briefed on talks said state-controlled MedioCredito Centrale (MCC), BPER Banca and Banco BPM may all be involved in buying MPS assets. BPER and Banco BPM both declined to comment.
Persons: Italy’s, Andrea Orcel, Intesa, Bernardo Mattarella, Mario Draghi, Giuseppe Fonte, Valentina Za, Andrea Mandala, Pamela Barbaglia, Alexander Smith Organizations: UniCredit, Treasury, Monte, Reuters, MPS, Banco BPM, Banco, MedioCredito Centrale, MCC, BPER Banca, European Central Bank Locations: Rome, ROME, Europe, MedioCredito, Italy, Milan, London
Germany hikes pandemic-related borrowing to 470 billion euros
  + stars: | 2021-06-23 | by ( Michael Nienaber | ) www.reuters.com + 0.00   time to read: +2 min
BERLIN (Reuters) -The German cabinet on Wednesday approved a draft budget for next year with new debt of nearly 100 billion euros ($119 billion) to finance more COVID-19 measures, pushing up total pandemic-related borrowing in the period 2020-2022 to 470 billion euros. The packages have been financed with record new borrowing of 130 billion euros in 2020 and 240 billion euros in 2021 for which an emergency clause was used to suspend debt limits in the constitution. The limits will have to be suspended for a third year running to allow borrowing of 99.7 billion euros in 2022. The draft budget envisages public investments of 51.8 billion euros in 2022, down slightly from 59.3 billion euros this year. This would only allow net new debt of 5.4 billion euros in 2023 and 12 billion euros in 2024.
Persons: Kai Pfaffenbach, Angela Merkel, Olaf Scholz, , ” Scholz, Scholz Organizations: BERLIN, REUTERS Locations: Frankfurt, Germany, United States, Japan, Britain, France, Italy, Canada
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