Worse than Lehman Coronavirus Tightens Its Grip on the Economy

It is an unprecedented crisis: The coronavirus pandemic is crippling entire economies, while governments and central banks are deploying all means available to prevent a systemic collapse. How long can we hold out?
A deserted shopping street in Berlin: The economic crisis is expected to last far longer than the coronavirus epidemic.

A deserted shopping street in Berlin: The economic crisis is expected to last far longer than the coronavirus epidemic.

CLEMENS BILAN/EPA-EFE/Shutterstock
The automobile industry, the core of the German economy, has been particularly hard-hit by the coronavirus. Volkswagen and other major carmakers have announced temporary factory closures in response to the crisis.

The automobile industry, the core of the German economy, has been particularly hard-hit by the coronavirus. Volkswagen and other major carmakers have announced temporary factory closures in response to the crisis.

Stuart Franklin/ Getty Images
DER SPIEGEL 13/2020
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ECB President Christine Lagarde has said the central bank will use all its firepower to help contain the economic crisis caused by the coronavirus shutdown.

ECB President Christine Lagarde has said the central bank will use all its firepower to help contain the economic crisis caused by the coronavirus shutdown.

Thomas Lohnes/ Getty Images
This week, German Finance Minister Olaf Scholz (left) and Economics Minister Peter Altmaier announced massive bailout programs for corporations, small businesses and freelancers.

This week, German Finance Minister Olaf Scholz (left) and Economics Minister Peter Altmaier announced massive bailout programs for corporations, small businesses and freelancers.

Michael Kappeler/ DPA
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