German ministries propose bringing forward spending worth 26 billion euros - Spiegel

BERLIN (Reuters) - Germany's federal ministries have proposed bringing forward 26 billion euros' (23.6 billion pounds) worth of expenditure, Der Spiegel reported on Friday, to help Europe's largest economy recover from a coronavirus-induced historic slump.

The magazine, which did not name its sources, said junior ministers had discussed a list of measures last week but Werner Gatzer, a junior finance minister, did not think they sufficed and said he would prepare an investment programme based on the proposals discussed.

The finance ministry declined to comment.

The German economy contracted at its steepest rate on record in the second quarter, wiping out nearly 10 years of growth.

Berlin hopes its stimulus package, worth more than 130 billion euros, including a temporary VAT cut to boost domestic demand, will help the economy return to growth.

(Reporting by Thomas Seythal; Editing by Michelle Martin)