Germany plans to borrow more than €800 billion by 2030, marking a historic shift from decades of fiscal restraint as Chancellor Friedrich Merz's government ramps up defense spending, Financial Times reported on Monday.
According to projections seen by the media outlet, the borrowing push would help fund Germany's rearmament drive, with the defense budget set to rise to €109 billion next year and €183.6 billion by 2030.
Berlin also plans to provide €11.6 billion in military aid to Ukraine next year. Finance Minister Lars Klingbeil defended the shift, saying Germany could not defend itself against Russian President Vladimir Putin with the "Schwarze Null," the country's balanced-budget doctrine.
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