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Investors - OCTOBER 3, 2022

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Germany will borrow nearly $200b to cap consumers’ energy bills

by Andrea Zander

The German government announced plans to borrow €200 billion ($195 billion) due to the surging  gas and electricity costs caused by Russia’s  reduction in supplying gas following its invasion of Ukraine, reported CNN.

“Prices have to come down, so the government will do everything it can. To this end, we are setting up a large defensive shield,” said German Chancellor Olaf Scholz.

Under the plans, which are set to run until spring 2024, the government will introduce an emergency price brake on gas, the details of which will be announced next month.

 

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