[Telegraph] The economic slowdown has left an even bigger hole in Germany's budget than feared, Angela Merkel’s government admitted on Thursday.Falling tax revenues as the economy slows have left the country facing a budget shortfall of €124.3bn (£107bn) over the next four years, finance minister Olaf Scholz announced in Berlin.
The shortfall is even worse than a figure of €100bn leaked earlier this week had suggested.
Mr Scholz tried to play down the numbers, telling a press conference: “The government does not see any signs of a crisis in the current situation. We still have economic growth.”