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Germany should not take on more debt than planned next year

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© Reuters. FILE PHOTO: Christian Lindner, leader of the Free Democratic Party (FDP) arrives for talks to form a so-called traffic light government coalition, in Berlin, Germany, October 21, 2021. REUTERS/Michele Tantussi/File Photo

BERLIN (Reuters) – Germany’s FDP leader Christian Lindner, who is pushing to become finance minister in a three-way coalition government, has poured cold water on a proposal to enable higher public investment for the shift toward a green economy by taking on more debt next year.

“I think the already planned net borrowing of 100 billion euros for next year is already sufficient, to put it cautiously,” Lindner told the conservative newspaper Frankfurter Allgemeine Zeitung.

Lindner added it was important for his business-friendly Free Democrats that the first budget of the future coalition government met “all the requirements of solidity”.

Lindner is wrangling with Greens co-leader Robert Habeck over who should get the powerful finance minister job and how Berlin should finance more public investments for a faster transformation towards a carbon-neutral economy.

Two people familiar with the coalition talks have told Reuters that the three parties working to form Germany’s new coalition government are discussing higher federal borrowing next year to allow a one-time, multi-billion-euro injection into the government’s climate investment fund.

To create more fiscal fire power, the parties are mulling a proposal to use the emergency clause for the debt brake rule in the constitution for a third consecutive year and take on more debt than the initially planned 100 billion euros in 2022, the sources said.

The plan would allow parties to steer clear of creating off-budget investment vehicles, which had been floated as an alternative idea to circumvent debt limits and enable more public investment to speed up the shift towards a green economy.

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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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