Germany’s €60bn budget hole
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 29 November 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
A record number of Chinese people have defaulted since the outbreak of the coronavirus pandemic, a court ruling in Germany has opened up a huge €60bn hole in the country’s budget, and the FT’s Christine Murray explains why Mexico is benefitting from companies rethinking their foreign investments.
Mentioned in this podcast:
Chinese people default in record numbers as economic crisis deepens
‘A house of cards’: court ruling leaves Olaf Scholz’s legacy in tatters
The city where Mexico’s nearshoring hype is becoming reality
Berkshire Hathaway’s Charlie Munger dies aged 99
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | The UK's energy partner. The UK. Good morning from the Financial Times. Today is Wednesday, November 29th, and this is your |
| 0:16.9 | F.T. News briefing. Chinese people are having a really tough time paying back their debts and Germany is now |
| 0:25.1 | facing a massive budget hole. Plus international investors are looking at |
| 0:29.9 | Mexico and saying yeah I like that. |
| 0:32.7 | We'll take a look at how the country has become an ideal place |
| 0:35.2 | to put their money to work. |
| 0:37.3 | I'm Mark Filipino, and here's the news |
| 0:38.9 | you need to start your day. The A record number of people in China have defaulted on their debts since the pandemic broke out. |
| 1:01.0 | About 8.5 million people have been blacklisted by authorities for |
| 1:04.8 | missing payments. That's up from 5.7 million people before the pandemic |
| 1:09.4 | started. Most of them are between 18 and 59 years old. |
| 1:13.8 | So just to back up a bit, when we say that people have been blacklisted, |
| 1:17.4 | we mean that they can't do things like buy airline tickets or use mobile pay apps like |
| 1:21.4 | Ali Pay. |
| 1:22.1 | The higher number of defaulters only underscores or use mobile pay apps like Ali Pay. |
| 1:22.7 | The higher number of defaulters only underscores the trouble going on in the Chinese economy. |
| 1:27.5 | You've got the property sector slowdown, lagging consumer confidence, and generally an economy that |
| 1:32.4 | just won't bounce back after its long pandemic lockdowns. |
| 1:36.1 | Our recent court ruling in Germany has upended the government's spending plans |
| 1:46.9 | and opened up a huge 60 billion euro hole in the country's budget. The court barred the government from using funds allotted |
... |
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