New German Finance Minister Joerg Kukies said on Tuesday there will be no budget freeze for this year as a result of the country's three-way coalition falling apart.

German Chancellor Olaf Scholz on Wednesday defended his decision to fire finance minister Christian Lindner, which prompted the collapse of his three-party coalition. "The decision was correct and unavoidable,

Germany’s new finance minister dismissed fears the political turmoil in Berlin will trigger a funding freeze, pledging the federal government will be fully capable of functioning in the weeks before February’s early election.

Germany’s center-left Chancellor Olaf Scholz has announced he is firing Finance Minister Christian Lindner, which could undermine the ruling three-party coalition that relies on Lindner’s pro-business party.

Germany’s new finance minister used his first public speech since taking office to voice sharp criticism of the tactics UniCredit SpA used in building a major stake in Commerzbank AG.