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So is the rational policy you recommend to go into debt for stimulus, and pay off the debts in subsequent years, through lower government spending? Or would it be to go into debt permanently, passing the interest payments on to future generations?

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Debt is usually paid off by inflation. As in: If you have a non-zero inflation, your GDP grows accordingly (all other things being equal), so you can take on new debt and still have your debt-as-percentage-of-GDP stay the same.

The interest payments here would be from the bond holders to the German state.

Right, but if you issue a 10-year €x bond and spend the €x, in 10 years you have to repay the bondholders, which means you either have to have saved up €x over the intervening years, or you have to take out another loan of €x at the prevailing interest rate.

Unless the state is expecting bond rates to remain negative indefinitely.

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