Bild: Germany's public debt surpasses €2.8 trillion

Germany's public debt has reached a historic high, exceeding €2.819 trillion.

According to Report, citing the German newspaper Bild, this is indicated by data from the Pleite-Uhr (Bankruptcy Clock) predictive macroeconomic tracker.

Under current calculation models, the country is experiencing a sharp deterioration in both the corporate sector and the labor market.

Since the beginning of the year, the number of corporate insolvencies has reached 21,303. The mathematical model indicates that one company closes every 20 minutes in Germany. In the four-day period from October 24 to October 28 alone, 357 companies were declared insolvent.

Among the businesses that recently went bankrupt are Tullau Pappen, one of Germany's oldest paper mills with a 150-year history, and Aios, a major supplier of automotive components to Mercedes-Benz.

At the same time, the employment situation is continuing to deteriorate.

Since the beginning of the year, the number of registered applications related to job losses has reached 5,935,856. According to experts' estimates, the current pace of growth amounts to one new unemployed person every four seconds.