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The coronavirus pandemic situation in Germany is worse than anybody had expected and they are under pressure to act, German Economy Minister Peter Altmaier said on Thursday, as reported by Reuters.

“The government so far has made available €75 billion for firms hit by the pandemic,” Altmaier noted. “The government will continue a strong response to the pandemic but measures can only be temporary.” The minister further reiterated that they will do everything they can to guarantee that 2021 will be a year of recovery.

Market reaction

Germany’s DAX 30 Index inched slightly lower after these remarks and was last seen gaining 0.12% on the day at 13,956.