Deripaska predicted that Germany would go out of business due to electricity and gas costs
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Russian businessman Oleg Deripaska suggested that Germany’s costs for electricity and gas would put it on the ropes. In his opinion, subsidies and the issue of debt securities “will not lead to any good.”
“The jump in costs for German businesses and ordinary Germans for electricity and gas is putting the once thriving major European economy on the fence with an outstretched hand and a deficit,” the billionaire wrote in his Telegram channel.
This is how the entrepreneur commented on the news about the decision of the German Ministry of Finance to suspend the “debt brake” mechanism.
The mechanism limits the amount of finance the German government can borrow. It was installed in 2016 and was temporarily suspended for three years during the pandemic. On November 23 of this year, the German authorities again announced the suspension of the “debt brake”.
Previously, the Constitutional Court withdrew €60 billion from the German budget due to the government’s unlawful actions in transferring money allocated to fight the pandemic to a fund for financing environmental projects. After this, the government was forced to begin revising the budget for 2023.
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