The European Union has announced plans to expand its spending defense by more than $800 billion dollars as they look to fill the security void being left behind a strategically-retreating United States. While the move is being applauded, some, like Greek Prime Minister Kyriakos Mitsotakis, are calling for more, saying the decision is an “important step in the right direction” but, he added, “maybe we need to be more ambitious.”
European leaders push for even more defense spending– www.cnbc.com
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The European Union has plans to step up its defense spending in a big way — but some leaders want it to go even further as geopolitical tensions heighten.
The European Commission, the executive arm of the EU, earlier this month proposed measures that could bring about 800 billion euros ($867 billion) in new defense spending. These measures have yet to be approved by the various EU capitals, but have been enough to boost EU defense stocks since the plan was announced.
The current measures are “an important step in the right direction,” but “maybe we need to be more ambitious,” Greek Prime Minister Kyriakos Mitsotakis told CNBC’s Silvia Amaro on the sidelines of a European Council summit on Thursday.
The ReArm Europe plan, which was announced earlier this month, includes 150 billion euros of loans that member states can access to invest in defense and security capabilities. These funds will, however, only be made available if at least 65% of the cost of production takes place in the EU, Norway or Ukraine.