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German Finance Minister Olaf Scholz is looking to avoid new net debt exceeding €100 billion in 2021, Reuters reported on Thursday, citing a source familiar with the matter.

“Scholz plans 2021 budget with net new debt of at least 80 billion euros to finance coronavirus measures,” the source further told Reuters. “Scholz eyes 2022 budget in line with debt limits of the constitution.”

Market reaction

The shared currency struggles to shake off the bearish pressure following these comments. As of writing, the EUR/USD pair was down 0.3% on a daily basis at 1.1818.

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