German Chancellor Angela Merkel announced plans to spend an extra 6 billion euros ($6.7 billion) on refugees next year as thousands more migrants poured into the country over the weekend.
Merkel said on Monday that Germany will add 3 billion euros to the 2016 federal budget and provide another 3 billion euros to states and municipalities to tackle Europe’s biggest refugee crisis since World War II. The chancellor said “it’s not entirely implausible” that Germany will spend an extra 10 billion euros in total next year to handle the influx.
“We know that we were quick to save the banks,” Merkel said in Berlin. “I think we need to be just as quick in taking the necessary measures to ease the burden on the municipalities and states. What we are now experiencing is something that will change our country in the coming years.”
The plans for added funding comes as Germany and Austria spar with Hungary over the handling of refugees, with Hungary following a more hard-line approach to deter refugees. Austrian Chancellor Werner Faymann said on Sunday that his country will end emergency measures that allowed the passage of thousands of migrants over the weekend from Hungary without registering.
“I can’t repeat our message to migrants often enough: ‘Please don’t come because we won’t let you through,” Hungarian Prime Minister Viktor Orban said in Budapest on Monday. “New laws passed by parliament will change our border defense system. Illegal border crossing will automatically trigger imprisonment or expulsion.”
Ask us about our FREE financial advice program: 
Other Top Stories:
Technical Analysis Lesson 1 - Introduction
How I Made Over $30,000 a Year by Investing in Binary Options
Follow us and SHARE this story on Facebook: 