July 8, 2020 / 11:00 AM / a month ago

Brussels approves Germany's coronavirus crisis fund: ministries

BERLIN (Reuters) - The European Commission has given its approval for Germany’s proposed Economic Stabilisation Fund, the economy and finance ministries in Berlin said on Wednesday.

In a statement, they said that the European Commission had approved the key framework for the fund, meaning that recapitalisation measures of up to 250 million euros ($282 million) and capital guarantees do not need to be individually approved by the EU civil service.

With capital of up to 600 billion euros, the stabilisation fund is intended to offset the coronavirus epidemic’s long-term impact on Europe’s largest economy.

Economy Minister Peter Altmaier told a news conference that his ministry was in informal talks with some 50 firms about receiving assistance from the fund.

Reporting by Christian Kraemer, writing by Thomas Escritt, Editing by Maria Sheahan and Michelle Martin

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