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German Cabinet Approved EUR 50 Bln Stimulus Plan to Boost Economy
Wednesday, 05 November 2008 08:53:40 GMT
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German cabinet approved growth program, which is expected to provide a EUR 50 bln boost to the economy via a mix of subsidies, loans, tax relief and increased infrastructure spending. Measures include a tax exemption for new cars, hoped to help Germany's car industry, which has been hit hard by the slowdown in world growth. There will also be low interest credit from the KfW, which should help to prevent a full blown credit crunch. The measures are hoped to secure and create up to 1 m jobs over the next two years.
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