June 17, 2020 / 8:18 AM / 18 days ago

German cabinet approves new debt of 218 bln euros this year - source

BERLIN, June 17 (Reuters) - The German cabinet on Wednesday approved new borrowing of some 218 billion euros ($245.58 billion) this year, a government source said.

Two people familiar with the plans had on Monday told Reuters that Finance Minister Olaf Scholz would ask parliament to increase new borrowing by a further 62.5 billion euros to a record 218.5 billion this year for measures to boost recovery from the coronavirus pandemic.

$1 = 0.8877 euros Reporting by Holger Hansen Writing by Michelle Martin Editing by Paul Carrel

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