Germany’s coalition government collapsed over budget disputes, sparking political turmoil. Opposition leader Friedrich Merz urges an immediate confidence vote, while Chancellor Scholz plans a vote in January, leading to elections by March.
Germany is in political turmoil after Chancellor Olaf Scholz’s three-way coalition collapsed over disagreements on how to address a multi-billion-euro budget gap and revive the economy.
The coalition, made up of Scholz’s SPD, the Green Party, and the FDP, fell apart when Scholz fired Finance Minister Christian Lindner from the FDP for opposing his plan to suspend Germany’s debt rules to raise funds for Ukraine. The FDP then withdrew from the government, leaving the SPD and Greens without a majority.
Opposition leader Friedrich Merz has called for a confidence vote immediately, warning that the country cannot afford months of political uncertainty.
Scholz plans to hold the vote in January, which is expected to fail, triggering elections by March—six months ahead of the original September timeline. Some analysts suggest early elections could provide clearer policy direction and end the political paralysis.
In the interim, Scholz appointed Joerg Kukies, an SPD ally, as the new finance minister. However, it remains unclear if his appointment will stabilize the government.
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The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising refinery activity and seasonal summer demand as key drivers of short-term market pressure.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
China’s exports are expected to have grown 5% in June as manufacturers hurried goods abroad ahead of a 12 August deadline that could see the U.S. restore punitive tariffs, a Reuters survey of economists indicates.
U.S. special envoy for Ukraine, Keith Kellogg, is set to arrive in Kyiv on Monday for a week-long visit, Ukrainian outlet Novyny.LIVE reported on Friday.
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A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
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Germany’s public debt is projected to climb from 62.5% to 74% of GDP by 2030, driven by record defence and infrastructure spending, according to a report by the European rating agency Scope.
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising refinery activity and seasonal summer demand as key drivers of short-term market pressure.
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