Germany to spend billions to tackle high energy prices

BERLIN (AP) — Germany plans to spend up to 200 billion euros helping consumers and businesses cope with the surge in energy prices. Chancellor Olaf Scholz said Thursday that the government is reactivating an economic stabilizing fund previously used during the global financial crisis and the coronavirus pandemic. Scholz said Russia’s decision to cut back natural gas to Europe and the recent leaks on two pipelines showed further Russian energy supplies couldn’t be expected in the near future. Finance Minister Christian Lindner insisted that the fund would not entail further regular borrowing, saying Germany is “expressly not following Great Britain’s path.”