The authorities of Germany have announced an unprecedented state program worth up to 750 billion euros to support the European largest economy and its citizens. For this, Berlin will have to take on new debt for the first time in the last six years. The funds will be used to mitigate the damage of the coronavirus outbreak to the country's economy and the citizens' financial well-being. “That's a very big package with a lot of measures,” German Finance Minister Olaf Scholz said at a joint press conference with Economy Minister Peter Altmaier. No one will be left without attention. The government intends to allocate aid to small and medium-sized businesses as well as large enterprises, providing them with interest-free loans and tax holidays. Germany plans to double the number of beds in its intensive care units. The state program also includes individual payments to all categories of citizens. According to Scholz, Berlin is ready to use “all we have” to soften the impact of the new coronavirus. German Chancellor Angela Merkel appealed to all German citizens to stick to the rules aimed at reducing direct social contact. She urged them not to believe “rumors, just official announcements”, which are always translated into many languages. “We are a democracy. We don't live by coercion but by shared knowledge and cooperation. This is a historic task, and we can only manage it together. I am convinced this collective spirit, this 'we stand for each other,' will carry us through this difficult time,” Angela Merkel added.
