Holger Zschaepitz(@Schuldensuehner):Good Morning from Germany, where the primary deficit (deficit before interest payments) is among the Eurozone’s largest: The OECD projects 3.1% for 2027, a stark reversal from pre-pandemic surpluses as the budget is deep in the red. That helps explain why JPMorgan puts the fiscal adjustment needed to stabilise Germany’s debt ratio at 3.4% of GDP, vs just 1% for Italy. BUT: France faces an even bigger adjustment: 4.9% of GDP to put debt on a sustainable path.

Holger Zschaepitz

@Schuldensuehner

Holger Zschäpitz is market maniac @Welt and Author of 'Schulden ohne Sühne?' a book on states' addiction to debt. Pics:

参加 May 2009

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Holger Zschaepitz@Schuldensuehner

2026.10.21 07:29

Good Morning from Germany, where the primary deficit (deficit before interest payments) is among the Eurozone’s largest: The OECD projects 3.1% for 2027, a stark reversal from pre-pandemic surpluses as the budget is deep in the red. That helps explain why JPMorgan puts the fiscal adjustment needed to stabilise Germany’s debt ratio at 3.4% of GDP, vs just 1% for Italy. BUT: France faces an even bigger adjustment: 4.9% of GDP to put debt on a sustainable path.