Unlike Germany’s model of public finance. Today it turns out that the declared debt at home and abroad is much higher than we want to believe. To unearth Pandora’s Box and uncover the hoax is the German Audit Institution. Indeed, the financial instruments with which the German government financed the extraordinary extra-budgetary expenditures would be an accounting sham and could not be deducted from the public accounts.

Next year, Germany’s deficit will reach $85.7 billion, five times the amount guaranteed by the Finance Ministry, which only approved $16.6 billion. This means that the deficit will come to 2.4% of GDP, compared to the 0.4% that the media and markets have been fed up with so far. And the matter is not limited to the problem of Chancellor Olaf Scholz, who appeared yesterday with a black patch over his eye due to a fall while jogging. However, he will not be able to ignore what the accounting judges write about the government’s work: “Through the various measures taken since 2020, the debt brake has been gradually weakened in terms of its effectiveness.”