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Germany's election-winning conservative CDU/CSU bloc, led by Friedrich Merz, and the Social Democrats (SPD) have reached an agreement in principle with the Greens on a significant increase in state borrowing ahead of next week’s parliamentary vote.
The debt reform plan, proposed by the conservatives and the SPD, aims to exempt defense spending from Germany's constitutional debt brake and establish a €500 billion ($545 billion) fund for infrastructure investment.
The compromise also allocates €100 billion to the climate and economic transformation fund.
With backing from the Greens, Merz is expected to secure the two-thirds parliamentary majority needed for the constitutional amendments in next week’s vote.
"Germany is back," said Merz, announcing the agreement on debt reform.
"It is a clear message to our partners and friends, but also to our opponents, to the enemies of our freedom: we are capable of defending ourselves and we are now fully prepared to defend ourselves," he said.
Merz also said he expects the country to release €3 billion ($3.27 billion) in military aid to Ukraine once the upper house passes the debt reform.
"There will be no shortage of financial resources to defend freedom and peace on our continent," Merz stressed. "Germany is making its major contribution to the defense of freedom and peace in Europe."
Merz, whose conservative bloc is negotiating with the SPD to form a new government after last month’s elections, aims to secure the funds before the new parliament convenes on March 25. After that date, the CDU/CSU’s alliance with the SPD and Greens would no longer hold the majority needed to pass the measure.
Social Democrat co-leader Lars Klingbeil said a major government borrowing and investment push was a "powerful boost" for Europe's largest economy.
"We have laid the foundation for Germany to get back on its feet and protect itself," Klingbeil said after his SPD agreed with conservatives and Greens on the historic debt package.
Green parliamentary group leader Katharina Dröge said the €100 billion, which must be spent on new measures rather than to fill budgetary holes, "will make a difference" as the money would be "channelled in the right direction." Though the Green will not be part of the next government, she said negotiations to reach Friday's compromise would allow ministers in the future government to "do the right thing."
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Gold prices rose above $4,000 an ounce for the first time on Wednesday, fuelled by investor demand for safe-haven assets amid rising geopolitical tensions and expectations of U.S. interest rate cuts.
U.S. shares ended Tuesday in negative territory as investors, cut off from official economic data due to the ongoing government shutdown, looked to alternative indicators and comments from Federal Reserve officials for guidance on economic weakness and monetary policy.
Elon Musk’s artificial intelligence startup xAI is targeting a $20 billion capital raise linked to Nvidia hardware, Bloomberg News has reported.
Türkiye’s benchmark stock index, the BIST 100, closed Tuesday at 10,814.11 points, up 0.74% from the previous session.
Euro zone finance ministers are set to meet on Thursday to explore ways to boost the development of euro-denominated stablecoins, amid concerns that the fast-growing market could remain dominated by the United States, a senior euro zone official said.
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