FT News Briefing Germany’s €60bn budget hole
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Nov 29, 2023 China faces a crisis as record numbers of citizens default on their debts following the pandemic. Meanwhile, a landmark court decision in Germany reveals a €60 billion budget shortfall, plunging Chancellor Olaf Scholz's legacy into uncertainty. The discussion also highlights Mexico's burgeoning status as a hotspot for foreign investments, particularly in cities like Monterrey, as businesses reevaluate global supply chains. Amid these developments, the podcast touches on the shifting landscapes of investment opportunities and challenges.
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Chinese Debt Crisis
- A record 8.5 million Chinese citizens are blacklisted for missed payments since the pandemic began.
- This highlights the deepening economic crisis, exacerbated by property slowdown and weak consumer confidence.
German Budget Crisis
- A German court ruling prevents the government from repurposing COVID emergency funds, creating a €60 billion budget deficit.
- This impacts planned green energy and industrial projects, jeopardizing Germany's economic competitiveness.
Monterrey's Investment Boom
- Monterrey, Mexico, is attracting significant foreign investment due to its proximity to the US and skilled workforce.
- Companies like Lego, Quanta Computer, and Tesla are investing, boosting Mexico's economy.