BERLIN (Reuters) – Germany’s southern state of Bavaria on Monday announced a fund worth up to 10 billion euros ($11.21 billion) to help the region withstand the coronavirus outbreak, its premier said, declaring a state of emergency as the number of new cases continues to rise.

“The situation is very serious and changing daily, unfortunately not for the better,” said Bavarian leader Markus Soeder. He said the Bavarian government could buy stakes in struggling companies to prevent insolvencies.

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