Finance Minister Lars Kleningbail warns his compatriots and his EU counterparts of “black holes” to close. Kostas’s commentary speaks, speaks a German finance minister knows that his words will have a huge audience. On the one hand, his counterparts to the EU and G7, on the other hand investors and stock markets. And of course his compatriots.

Perhaps prestige does not reach the rank of “Sacred” Bundesbank, but especially since Wolfgang Schoeble gave almost mythical dimensions to the role of the ministry, the burden of responsibility is great.

Obviously Lars Clingbale knows all of the above. So when these days he reiterated several times with emphasis that he was “missing” $ 172 billion by 2029 he knew very well that his warning would do.

The Social Democrat politician spoke of difficult times, in the background of concerns from the consequences of the US trade agreement on the country’s export economy and the day before the country’s statistical service announced a decrease in growth rates in the second quarter of 20%.

And indebted and unhappy

Clingbail presented this week a budget for 2026, which also creates a new debt of $ 174.3 billion despite the fact that it provides cuts in a series of ministries with the exception of the Ministry of Defense, whose expenditure is increasing by 32.4%, which would be expected. The minister tried to justify the new debt with the phrase “we are investing in the future now”.

His reference to the future, however, does not relieve him of a difficult present. The country’s “treasurer” knows that German society on the one hand hears about debt and deficits, terms that have traditionally and with the responsibility of politicians have been identified with the “original sin” and on the other must prepare for cuts in the social sector, a possible increase in insurance contributions.

This category includes medium and low income tax exemptions. Especially in his own party, Social Democratic, the “defense” of pre -election commitments for “better income for all” are sure to boost the groans, for a minister who is still considered to belong to the party’s conservative “faction”. The “difficult times” he announced, then, Klingbail can prove to be extremely troubled.

Bombing of negative news

German society is bombarded by ominous news: the possibility of war with Russia, the impact of “capitulation” on Trump’s trade war, the holes in public funds, the gaps on the insurance system. The result is expected. The Germans, as all research shows, spend less with fear of tomorrow and consumption cannot give the slightest boost to the economy.

At the same time, the partners see Europe’s “locomotive” stuck and “tortured”, making circles around itself, jumping from promises of recovery to warnings for temperance. This message is not necessarily more optimistic for the rest of Europe.