German Chancellor Merz and Green Party reach deal on major defense borrowing increase in Germany
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German Chancellor Friedrich Merz has struck a deal with the Green party to significantly increase defense borrowing ahead of next week's parliamentary vote, a source told Reuters on March 14.
German finance ministry officials are considering a compromise debt deal, with some details still being worked out, according to sources.
Conservatives led by Friedrich Merz and the Social Democrats, who are negotiating a coalition government after last month’s election, have proposed a $550 billion fund for infrastructure and changes to borrowing rules to increase military spending.
The chancellor wants to secure the funds before the new parliament convenes on March 25, where there is a risk of opposition from far-right and far-left lawmakers.
To gain the two-thirds majority required to amend the constitution, Merz’s conservatives and the Social Democrats need the support of the Greens, Reuters reported.
On Feb. 4, German media reported that the CDU/CSU bloc and SPD had agreed on a large-scale credit package to finance defense and infrastructure, along with plans to reform the “debt brake.”
On Feb. 23, the CDU/CSU bloc, led by Merz, won early parliamentary elections to the Bundestag.
Merz was re-elected as leader of the CDU/CSU faction on Feb. 25, succeeding Olaf Scholz, the chancellor from the Social Democratic Party.
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