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Germany to change constitution to enable $110 billion defense fund

Economy May 29, 2022 06:10PM ET
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© Reuters. FILE PHOTO: A Leopard tank and a Puma tank are seen at the Munster military base, in Munster, Germany, February 7, 2022. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) - Germany has agreed to change its constitution to allow for a credit-based special defense fund of 100 billion euros ($107.35 billion) proposed after Russia's invasion of Ukraine, the German finance ministry announced on Sunday.

Germany's centre-right opposition and ruling coalition with centre-left Social Democrats (SPD), Greens and pro-business Free Democrats (FDP) said they reached the required two-thirds majority to exempt the defense fund from a constitutional debt brake.

According to sources familiar with the matter, the negotiations were led by FDP leader Christian Lindner, SPD's Defense Minister Christine Lambrecht, Greens leader Annalena Baerbock and the opposition's vice whip Mathias Middelberg.

The money is to be used over several years to increase Germany's regular defense budget of around 50 billion euros and enable the country to meet the NATO target of spending 2% of its economic output on defense each year.

($1 = 0.9315 euros)

Germany to change constitution to enable $110 billion defense fund
 

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Comments (4)
First Last
First Last May 29, 2022 8:48PM ET
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Russia is causing global resources to go toward military instead of science or education or other human advancements.
Serge Brassard
Serge Brassard May 29, 2022 8:48PM ET
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BS Russia forces nobody to do anything, NATO is and NATO belongs to the NWO of the Rothschilds and Rockefellers!
First Last
First Last May 29, 2022 8:48PM ET
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Serge Brassard   "Russia forces nobody to do anything" --  Tell that to the Ukrainians ... the ones still alive.
John Laurens
John Laurens May 29, 2022 8:12PM ET
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'bout time.
Márcio Ramos
Márcio Ramos May 29, 2022 6:25PM ET
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here we go, crypto is going to zero now! LOL
Andrew Ulferts
Andrew Ulferts May 29, 2022 6:14PM ET
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Wait, Germany is displaying Iron Crosses on their tanks again? And Ukraine’s Azov Battalion- what is their symbol? Huh. Pay attention people.
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Benjamin USA
Benjamin USA May 29, 2022 6:14PM ET
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Ukraine literally has the least anti-semetic sentiment out of Europe including Russia. It’s like 5% vs Russian 15% anti-semetic. Wake yourself you cuckhold for putin
John Laurens
John Laurens May 29, 2022 6:14PM ET
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We're paying attention to Russia and China. You should too.
John Laurens
John Laurens May 29, 2022 6:14PM ET
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Benjamin USA  WOW - we agree on something!
Márcio Ramos
Márcio Ramos May 29, 2022 6:14PM ET
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John Laurens  get a room u 2
First Last
First Last May 29, 2022 6:14PM ET
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Russia was allied with Na zee Germany
 
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