JavaScript is off. Please enable to view full site.

Germany to change constitution to enable $110 billion defense fund

Germany to change constitution to enable $110 billion defense fund

Monday, May 30, 2022, 09:49 GMT+7
Germany to change constitution to enable $110 billion defense fund
A Leopard tank and a Puma tank are seen at the Munster military base, in Munster, Germany, February 7, 2022. Photo: Reuters

BERLIN -- 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 attack on 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)

BERLIN -- 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 attack on 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)

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news