Debts of many German cities rise despite high taxesStaff Writer | November 24, 2016
Many German cities are experiencing an increase of debts in spite of a good economic situation.
Germany Large German cities are falling deeper
According to a study of the accounting firm Ernst & Young, the majority of the 73 big cities with more than 100,000 residents recorded a debit rise in 2015.
"Many large German cities are falling deeper and deeper into the debt trap, despite the bubbling tax revenues and good economic conditions," German media n-tv cited the study as reporting.
A total of 19 of 29 large cities in the state of North Rhine-Westphalia had to take additional debts last year, while most other German cities from other states reduced their debts.
The total debts of all major cities have fallen by 0.2 percent to 80.9 billion euros ($85.75 billion). ■