Germany’s new government is decided. Angela Merkel will remain chancellor, but there's someone new in the role of finance minister. Olaf Scholz will now be in charge of allocating the €330 billion government budget each year.
Germany's Finance Minister Olaf Scholz called the Greek bailout a success and a sign of EU solidarity. But the country still faces decades of debt repayment and economic recovery.
Ahead of Turkish President Erdogan's trip to Germany in September, the SPD's Andrea Nahles has said German aid is a possibility. It comes as tensions between the US and Turkey rise over the house arrest of a US pastor.
More than six months into 2018, Germany passed its budget for the current year, pledging more money for the army, police, and migrant officials. The government may be new, but its principle stays the same – no new loans.
German Finance Minister Olaf Scholz has added his voice to calls by the IMF and others to avoid a trade war with the US. But the US' man at the G20, Steve Mnuchin, continued to threaten tariffs if US demands are not met.
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