Germany plans to create a $ 538 billion fund to help companies affected by coronavirus

US, WASHINGTON (ORDO NEWS) — Germany plans to set up a half-trillion euro fund to support companies facing payment difficulties due to the coronavirus crisis, which can guarantee obligations or even inject capital if necessary, Der Spiegel magazine said Friday.

A fund of approximately 500 billion euros ($ 538.05 billion) is planned on the model of the Special Fund for Market Stabilization of 480 billion euros, which the government created to support banks during the financial crisis.

The government is ready to revive this fund in case banks encounter difficulties, Der Spiegel said.

The Ministry of Finance is considering launching direct support programs worth about 180 billion euros, the magazine said, adding that there is a possibility of increasing this amount to 700 billion euros.

“We are considering a scale that previously simply did not exist,” the ministry official quoted the magazine as saying.

The Ministry of Finance was not immediately available for comment.

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