"Massive New Debt" in 2021

Lifestyle & Travel ♦ Published: September 7, 2020; 10:58 ♦ (Vindobona)

Federal Minister Blümel announces massive new government borrowing for next year in order to tackle the ongoing Covid-19 crisis. He hopes to return to meeting the Maastricht criteria again in the next years.

Finance Minister Blümel announces huge new debt for 2021. / Picture: © Bundeskanzleramt (BKA) / Andy Wenzel

According to Finance Minister Gernot Blümel, the Covid-19 crisis will have a significant impact on the country's budget in 2021.

"Next year, too, we will still need massive new borrowing," said Blümel to the Austrian Press Agency (APA) and explains that the implementation of aid measures will continue on and require funds that have not been planned for. …