Germany announced on Sunday (29 May) that it had agreed to amend its constitution to allow credit-based special defense funds of €100 billion ($107.35bn) following Russia’s invasion.
Germany’s centre right opposition and the ruling coalition that includes centre-left Social Democrats, Greens, and pro-business Free Democrats (FDP), claimed they achieved the required two-thirds majority for exempting the defense fund from a constitutional deficit brake.
Sources familiar with the matter say that the negotiations were led Christian Lindner, SPD’s Defense Secretary Christine Lambrecht, Annalena Baerbock, Greens leader Annalena Baerbock, and Mathias Middelberg, the opposition’s vice whip.
This money will be used over many years to increase Germany’s regular defense budget, which is approximately €50bn. It will also allow Germany to reach the NATO goal of spending 2% of its annual economic output on defense.
($1 = €0.9315)