German Coalition, Merkel Agree on EU50 Billion Stimulus

Over the next two years German Chancellor Angela Merkel and her coalition hope to spend €50 billion ($66.8 billion). This afternoon the coalition agreed on a stimulus package that would help offset the worst recession that Europe’s largest economy has felt since the Great Depression. After six hours of talks, the parties involved agreed to spend at least €36 billion on infrastructure projects and lower taxes. Social Democratic Party parliamentary floor leader Peter Struck stated that “it’s a good day for Germany” during the announcement to reporters. Parties involved, included the Christian Democratic Union, the Christian Social Union, and the Social Democratic Party.

EURUSD traded through 1.3361 at 18:06EST

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