Failure to approve borrowing bonanza would harm Germany's reputation, SPD leader says

Record ID: 1983965

  • Title: Failure to approve borrowing bonanza would harm Germany's reputation, SPD leader says
  • Date: 13th March 2025
  • Summary: As the M23 consolidated control over Goma, some displaced Congolese began returning to M23-controlled areas. GISENYI, RWANDA (FILE - JANUARY 30, 2025) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF CONGOLESE RETURNING ASYLUM SEEKERS WALKING IN LINE AT BORDER CROSSING WITH SECURITY OFFICIALS The rebel leadership announced their intentions to advance beyond G
  • Embargoed:
  • Keywords: Bundestag Greens Katharina Droege Lars Klingbeil SPD defence spending parliament special fund
  • Location: BERLIN, GERMANY
  • City: BERLIN, GERMANY
  • Country: Germany
  • Topics: Europe,Budget/Taxation/Revenue,Government/Politics
  • Reuters ID: LVA001846113032025RP1
  • Aspect Ratio: 16:9
  • Story Text: Germany's Social Democratic Party (SPD) co-leader Lars Klingbeil has warned of serious damage to Germany's reputation if the proposed financial package for increased spending on defence and infrastructure doesn't pass with the necessary two-thirds majority next Tuesday (March 18).
    "If we take a step back and ask ourselves, can we really afford for this to fail? My clear answer is 'no'. That would entail a considerable loss of reputation for our country", Klingbeil told parliament on Thursday (March 13).
    The SPD and the conservative CDU/CSU bloc of likely next chancellor Friedrich Merz are in a race against time to persuade the outgoing parliament to approve a 500 billion euro fund for infrastructure and sweeping changes to borrowing rules before a new parliament convenes on March 25, where they risk being blocked by an expanded contingent of far-right and far-left lawmakers.
    The proposal was criticised by the SPD's current coalition partners, the Greens, whose votes are needed to secure the two-thirds majority required to change the constitution, but who want more money for climate protection, affordable housing and creating opportunities for Germany's poorest.
    Klingbeil said that the SPD and CDU/CSU had offered to include financial commitments for climate protection in the special infrastructure fund, and that the Greens had been given firm assurances that they would be closely involved in the organisation of the special fund and the reform of the debt brake.
    (Production: Oliver Ellrodt, Lena Toepler, Stephan Schepers, Johannes Toft Thyssen)
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