No way out. No doubt about it.
Spending other people’s money is so exciting. Joint debt is the bestest kind of debt there is. It’s free. Somebody else will pay it back. In this case, the Germans. Germans who haven’t even been born yet, but still.
Germany’s Scholz (SPD) sees ‘no way back’ from EU joint debt – German Finance Minister Olaf Scholz said Sunday (23 August) that the European Union’s recovery package financed by joint borrowing was a long-term measure rather than a short-term coronavirus crisis fix, contradicting Chancellor Angela Merkel.
“The Recovery Fund is a real step forward for Germany and for Europe, one we won’t go back on,” Scholz, who is also the centre-left Social Democratic Party (SPD) candidate to succeed Merkel in 2021 elections, told the Funke newspaper group.