Germany’s chancellor-in-waiting Friedrich Merz has opened talks with the Social Democrats to quickly approve as much as €200 billion ($210 billion) in special defense spending, according to a person familiar with those discussions, APA reports citing Bloomberg.
Officials from Merz’s Christian Democrats and the SPD are discussing ways to get around Germany’s tight restrictions on government borrowing to free up resources for the country’s dilapidated military, said people familiar with the matter. They are considering pushing a vote on the new package, which would be double the amount of one approved three years ago, through the lame duck parliament, they said.
The funds raised in the aforementioned financial entity will also be used to support Ukraine.
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