German minister says debt won't reach financial crisis level

Germany's debt load won't reach the level it did in the financial crisis a decade ago as a result of the coronavirus pandemic, the finance minister said Tuesday, and it will still look better than that of Germany's peers in the Group of Seven did before the virus outbreak. Olaf Scholz was presenting to parliament a draft 2021 budget that foresees significant borrowing for the second consecutive year as Germany, Europe's biggest economy, works to limit the economic fallout of efforts to contain COVID-19. “If we didn't act, we would have to use much more money, and at the same time squander the future of our country,” Scholz told lawmakers.