TheRedPillCommunity
Politics • Education
This community platform is for Empowerment, Truth, and Justice!
Interested? Want to learn more about the community?
Germany spending $500 billion to ‘keep the lights on’ – media

Berlin’s massive energy subsidies may not be enough to cope with economic effects of the Ukraine crisis, Reuters says

Germany spending $500 billion to ‘keep the lights on’ – media
A worker stands outside an electricity substation last month on the outskirts of Berlin.

Germany has reportedly allocated nearly $500 billion to shore up its energy supplies and “keep the lights on” since the Russia-Ukraine conflict began last February, but the spending binge might not be enough to weather the crisis.

The estimated total cost reflects the “cumulative scale” of energy bailouts and other schemes that Berlin has employed amid surging oil and natural gas prices and the loss of imports from Russia, Reuters reported on Thursday.

The outlet called the various subsidies an “energy bazooka” – equating to $5,400 per resident in Germany, 12% of GDP and an estimated $1.6 billion per day since the conflict in Eastern Europe began – adding that still more spending may be needed.

“How severe the crisis will be and how long it will last greatly depends on how the energy crisis will develop,” Michael Gromling, head of macroeconomic research at the German Economic Institute, told Reuters.

The national economy as a whole is facing a huge loss of wealth.”

The economic effects of the conflict stem largely from anti-Russia sanctions imposed by the US, Germany and other NATO members. Despite Western efforts to punish and isolate Moscow, Russian government revenue from oil and gas exports has more than doubled in a year to 10 trillion rubles, about $160 billion, in 2022’s first 11 months. Over the same period, rising energy earnings helped push the government budget surplus to 557 billion rubles.

Germany resorts to record borrowingREAD MORE: Germany resorts to record borrowing
However, as Reuters noted, Europe’s biggest economy now finds itself “at the mercy” of the weather. “Energy rationing is a risk in the event of a long cold spell this winter, Germany’s first in half a century without Russian gas,” the outlet pointed out.

Stefan Kooths, vice president at Germany’s Kiel Institute for the World Economy, said uncertain energy supplies have pushed the country’s economy to a “very critical phase.” He added, “Where does the German economy stand? If we look at price inflation, it has a high fever.”

Reuters based its calculation of Germany’s spending on bailout packages for energy companies, LNG import infrastructure and funding to help utilities and traders buy gas and coal. “Despite these efforts, there is little certainty over how the country can replace Russia,” the outlet said.
https://www.rt.com/news/568329-germany-spends-500bln-on-energy-crisis/

Interested? Want to learn more about the community?
What else you may like…
Videos
Podcasts
Posts
Larry Johnson - The American Empire is dead!

Larry Johnson - The American Empire is dead!

00:04:30
TheRedPillShorts - Trump is sukk__g of BB Netanyaha
00:00:50
Larry Johnson - we are headed for war with Iran
00:06:27
Geopoli-Tricks: American Empire In Decline(Ft. CIA Chief Analyst Raymond McGovern) Excerpt
Geopoli-Tricks: American Empire In Decline(Ft. CIA Chief Analyst Raymond McGovern) Excerpt
Breaking: Russian Forces hit huge NATO convoy in Lviv,UKR
Breaking: Russian Forces hit huge NATO convoy in Lviv,UKR
Treaty on Strategic Partnership Between Russia and Iran Enters Into Force - Ambassador

Russian Foreign Ministry spokeswoman Maria Zakharova earlier said that the treaty provides for various forms of bilateral cooperation.

The comprehensive strategic partnership agreement between Russia and Iran has entered into force, Iranian Ambassador to Russia Kazem Jalali told Sputnik.

"It is already binding," Jalali said when asked about the date of entry into force of the agreement, as well as whether Iran had notified Russia of the completion of internal procedures.
He recalled that the treaty was ratified by both chambers of the Russian parliament, and Russian President Vladimir Putin signed it. At the same time, the document was ratified by the Iranian parliament, approved by the Guardian Council, and the president issued it as a law.

"Therefore, in both countries it currently has the form of a law and, naturally, has entered into force," Jalali said.
On January 17, Putin and his Iranian counterpart, Masoud Pezeshkian, met in Moscow to sign the Comprehensive Strategic ...

Lavrov Responds to Trump's Ultimatum to Russia
post photo preview
PALESTINE Global coalition charges Israel with genocide, defies US threats to pursue justice

Defying the United States threats, ministers from more than 30 nations have packed Bogotá’s San Carlos Palace to charge the Israeli regime with genocide over its October 2023-present brutal military assault against the Gaza Strip.

The dramatic display of international solidarity saw dozens of high-ranking officials from across the globe convene inside the stately palace on Tuesday, determined to hold the regime accountable for, what they unequivocally called, a “war of genocide.”

The two-day emergency summit, organized under the auspices of The Hague Group -- a coalition co-chaired by Colombia and South Africa -- had representatives, ranging from such countries as Algeria and Brazil to Pakistan and Spain, in attendance.

The participants described the drive as a coordinated effort to stop the Israeli atrocities.

Behind closed doors, ministers and envoys, meanwhile, engaged in intensive sessions aimed at drafting collective measures to pressure the regime -- steps expected to be unveiled by ...

See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals