BERLIN (Reuters) – Germany has agreed to change its constitution to permit for a credit-based particular defense fund of 100 billion euros ($107.35 billion) proposed after Russia’s invasion of Ukraine, the German finance ministry introduced on Sunday.
Germany’s centre-right opposition and ruling coalition with centre-left Social Democrats (SPD), Greens and pro-business Free Democrats (FDP) stated they reached the required two-thirds majority to exempt the defense fund from a constitutional debt brake.
According to sources acquainted with the matter, the negotiations have been led by FDP chief Christian Lindner, SPD’s Defense Minister Christine Lambrecht, Greens chief Annalena Baerbock and the opposition’s vice whip Mathias Middelberg.
The cash is to be used over a number of years to improve Germany’s common defense price range of round 50 billion euros and enable the nation to meet the NATO goal of spending 2% of its financial output on defense every year.
($1 = 0.9315 euros)
(Reporting by Zuzanna Szymanska and Holger Hansen; Editing by Daniel Wallis)
