German government agrees on third stimulus package, according to a report in Frankfurter Rundschau. The paper said the CDU’s parliamentary chief volker Kauder and Peter Struck, the SPD’s parliamentary leader have agreed on a debt financed tax-relief package amounting to EUR 3 bln. The package is expected to bring support for medium sized businesses and farmers. Germany today confirmed that GDP contracted by 3.8% q/q and with unemployment rising sharply the government is under pressure to up support packages.
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