Massive budget to build up Germany’s army
Shortly after Russia invaded Ukraine, German Chancellor Olaf Scholz announced a historic increase in military spending. It included a one-time sum of 100 billion Euros to swiftly upgrade the armed forces, and a pledge to spend at least 2 percent of Germany’s economic output on defense every year. So what exactly is Germany planning to buy with these billions?
Possible gas supply shortages
Germany’s government has just announced it’s activating its early warning plan in anticipation of possible shortages of gas supplies from Russia.
Economy Minister Robert Habeck stressed that there are currently no shortages, but that the government would be establishing a crisis team to monitor the situation more closely. The move follows Russia’s demand for gas payments in rubles, which Germany and other western nations have rejected.