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Germany plans to borrow €123 billion as part of its 2027 federal core budget, according to a document cited by First Squawk. The figure sets the scale of new debt the government intends to raise for that year’s central budget. It matters because Berlin’s issuance plans feed directly into euro-area bond supply and the pace of German debt accumulation. Watch for the final budget text and any revision to the borrowing figure as the 2027 draft moves through the legislative process.

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