Economy
German 'debt clock' reverses for first time in 20 years
Germany’s debt challenge highlighted by the fact that at the current rate of decline, it would take about 800 years to bring the debt total of €1,973 billion down to zero.
Berlin’s campaign for fiscal discipline passed a small but symbolic milestone this week: for the first time in more than two decades, Germany’s closely watched 'debt clock' is running backwards.
The clock, which despite its name is more of a counter, was reprogrammed on January 1 to take account of new federal and state-level budget plans. It is now ticking down at a rate of €78 per second, the first time it has shown the nation’s overall public debt in decline. In 2009, following the financial crisis, it showed Germany’s debt increasing at a rate of more than €4,400 a second.
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