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Germany's top court has ruled against the government's funding plans, invalidating the shifting of €60 billion in debt authorizations into an off-budget fund, which violated constitutional law. This ruling has thrown the country's budget negotiations into disarray and called into question about €770 billion of state funding. The decision has also raised concerns about its impact on the economy, with estimates indicating a potential half percentage point lower growth in 2024. The ruling has led to a major blow to the German economy and prompted discussions about easing debt restrictions and a drastic overhaul of the federal budget. The Bundesbank has emphasized the need to respect the constitutional debt brake, while the Finance Ministry has imposed an unprecedented spending freeze in response to the court ruling.
Germany blocks current budget in response to court ruling https://t.co/KvbqS3TsCA via @KowalczeKamil https://t.co/GqELidGPy6
The German Finance Ministry imposes an unprecedented spending freeze following a ruling by the Constitutional Court, which found the shifting of unused debt authorization between off-budget funds to be unconstitutional https://t.co/Ihq8xjPsNK
The German Finance Ministry imposes an unprecedented spending freeze following a ruling by the Constitutional Court, which found the shifting of unused debt authorization between off-budget funds to be unconstitutional https://t.co/RfUMa6SpEf
The German Finance Ministry imposes an unprecedented spending freeze following a ruling by the Constitutional Court, which found the shifting of unused debt authorization between off-budget funds to be unconstitutional https://t.co/Dg9CXE9Xx6
Germany Looking at Relaxing Debt Restrictions After Court Ruling https://t.co/NFiDR1H8wC https://t.co/3MRaDJUOqP
Germany considers suspending debt brake as coalition cracks show https://t.co/yhHmd0D8hy https://t.co/u8bdho58cr
German budget crisis tests limits of its 'debt brake' https://t.co/2TCwAb2BCq https://t.co/RlVRBem26y
🇩🇪 Factbox-German budget crisis tests limits of its 'debt brake' Germany's constitutional court ruled last week that the coalition government's decision to re-allocate €60 billion of unused debt from the pandemic era to climate and industry projects was unconstitutional. 🧵… https://t.co/367EzRWpFH
🇩🇪 Germany weighs suspending 'inflexible' debt brake as coalition cracks show German Economy Minister Robert Habeck on Monday criticised sticking to what he called the country's "inflexible" debt brake and took a swipe at Finance Minister Christian Lindner on prospective subsidy… https://t.co/PorpSdQSUi https://t.co/ToccDGVcXy
Germany is exploring a drastic overhaul of its federal budget for this year, following last week’s ruling by the country’s top court https://t.co/Es1CGFuMLe
Germany is looking at relaxing its debt restrictions after court ruling https://t.co/J9cdOYjtqe via @mcnienaber @KowalczeKamil https://t.co/NrvFblebIX
Germany is exploring a drastic overhaul of its federal budget for this year, following last week’s ruling by the country’s top court https://t.co/NQfs3gcQxh
Germany is exploring a drastic overhaul of its federal budget for this year, following last week’s ruling by the country’s top court https://t.co/AbbTQmXAfk
🔸 GERMANY LOOKING AT EASING DEBT RESTRICTIONS AFTER COURT RULING
🔴 GERMANY IS LOOKING AT EASING DEBT RESTRICTIONS AFTER THE COURT RULING.
The German government’s shouldn’t try to evade the debt brake by tapping loopholes, the Bundesbank says https://t.co/5o8l0SEzm4
Bundesbank says Germany must respect the constitutional debt brake https://t.co/5vplyjYUbH via @WindSonja https://t.co/ytYDnkfaZ2
The German government’s shouldn’t try to evade the debt brake by tapping loopholes, the Bundesbank says https://t.co/jEOxWqgbOM
The German government’s shouldn’t try to evade the debt brake by tapping loopholes, the Bundesbank says https://t.co/HwSBdEO2QK
⚠️ GERMAN MINISTER ATTACKS 'INFLEXIBLE' DEBT BRAKE AS COALITION CRACKS SHOW Full Story → https://t.co/EbP6TAQovR https://t.co/qF7Bfz17QM
🔴 GERMAN ECONOMY MINISTER HABECK: COURT RULING ON BUDGET MAJOR BLOW TO THE GERMAN ECONOMY.
The Euro zone debt trap 1. Germany's constitutional court has ruled against budget shenanigans to circumvent the debt brake, a good ruling that upholds transparency and letter of the law. Pushback is from people who see more debt as the solution to everything. A trap for Europe. https://t.co/SSsxARBPHU
A decision by Germany’s top court to strike down off-budget funding for climate action has called into question about €770 billion of state funding, according to people familiar with the matter https://t.co/PXCezXcWJY
Budget blow risks incapacitating Germany’s ruling coalition https://t.co/YkaH8bjQm7 via @mcnienaber @KowalczeKamil https://t.co/INXGZPbsRq
German ruling deals blow to EU spending plans https://t.co/TrckHop035
⚠️ FACTBOX-SPECIAL FUNDS: HOW GERMANY GETS ROUND THE DEBT BRAKE Full Factbox → https://t.co/PzR4jx99SY Germany sees itself as the European defender of solid finances with its debt brake restricting the public deficit to 0.35% of GDP but the euro zone's largest economy relies… https://t.co/loQh1FPGzI https://t.co/hVRcg3skaH
⚠️ EXCLUSIVE-GERMAN COURT RULING COULD HIT GROWTH NEXT YEAR - ECON MINISTRY SOURCE Full Story → https://t.co/7KVBi7UC2S A German court ruling that forced Berlin to freeze 60 billion euros ($65.12 billion) in planned green investment spending could have a negative impact on… https://t.co/znLVr1WP9z https://t.co/r0uYqMffSA
🔴 GERMAN ECONOMY MINISTRY SOURCE: CONSTITUTIONAL COURT RULING ON BUDGET MIGHT HAVE A NEGATIVE IMPACT ON GROWTH.
🇩🇪 GERMAN ECONOMY MINISTRY SOURCE: **CONSTITUTIONAL COURT RULING ON BUDGET COULD HAVE NEGATIVE EFFECT ON GROWTH **INITIAL ESTIMATES INDICATE ABSENCE OF INVESTMENT COULD MEAN 2024 GROWTH WILL TURN OUT HALF PERCENTAGE POINT LOWER https://t.co/dYazKlYmxC
Germany faces budget impasse for 2024 https://t.co/Dnfww9Juoi https://t.co/0KdwxPLooJ
Hi @BBCWorld Have you spotted Germany's sudden €60billion unfunded budget hole? Bbrg report govt lawyers as fearing that up to €770bn of off balance sheet govt borrowing may have to be dissolved by the end of year. Makes Trussonomics look peanuts https://t.co/xgJ5QC6eqZ
German court decision puts €770 billion of government funds in jeopardy https://t.co/SiVHH5XWQk https://t.co/Z99Pm3HFIo
German ruling puts €770 billion of government funding at risk https://t.co/LpZvGIDFjz via @KowalczeKamil @mcnienaber https://t.co/xd1T1FsKg5
A decision by Germany’s top court to strike down off-budget funding for climate action has called into question about €770 billion of state funding, according to people familiar with the matter https://t.co/G6PTXYkTHx
A decision by Germany’s top court to strike down off-budget funding for climate action has called into question about €770 billion of state funding, according to people familiar with the matter https://t.co/1NK8h0iKwY
A decision by Germany’s top court to strike down off-budget funding for climate action has called into question about €770 billion of state funding, according to people familiar with the matter https://t.co/VFMev9iZIS
The German government was dealt a $65 billion blow by a constitutional court that led to a freezing of major spending pledges focused on green initiatives and industry support https://t.co/R28ySKLvb1 https://t.co/IMtyuawtwH
German government's decision to freeze major spending pledges, following a court ruling, threw into disarray budget negotiations taking place this week within Chancellor Olaf Scholz's three-way ruling coalition https://t.co/t6XEni8Jxs https://t.co/YAgiXw9LG0
German government's decision to freeze major spending pledges, following a court ruling, threw into disarray budget negotiations taking place this week within Chancellor Olaf Scholz's three-way ruling coalition https://t.co/R28ySKKXlt https://t.co/8GCSeUPhue
Setback for Scholz administration: German court invalidates climate funding plan https://t.co/9OqgqBXEet https://t.co/tqCpE1OFXU
German Chancellor Olaf Scholz pledges to alter budget policy, after a court ruled that shifting of €60 billion in debt authorizations into an off-budget fund broke rules https://t.co/d4qqoxXpi7
Marcel Fratscher: German government's attempts to circumvent debt brake over past 12 years have become increasingly absurd. Debt brake is no longer appropriate...deprives politicians of scope they need to combat crises and make investments for future. https://t.co/VPB6gfToa6
Germany's senior court challenges the coalition government: The German Federal Constitutional Court has ruled that €60bn earmarked for the pandemic can't be recycled into another fund as it violates German constitutional law. This legal challenge was launched by opposition… https://t.co/zYxn2ujjg9
Germany’s top court strikes down a key element of the government’s funding plans to address climate change https://t.co/T43bEyXXOQ
German govt spending plans at risk as court rules https://t.co/tZige9optR