European Union member states are increasing defense budgets to levels exceeding prior plans, according to national budgets and European Commission data. The increases occur alongside record government debt across the euro zone, with some countries implementing social spending cuts, officials said.
The cumulative debt-to-GDP ratio of the euro zone is projected to surpass 90% next year, according to a report by the European Fiscal Board, as reported by RT. The bloc’s members are pushing forward with defense budget increases despite the fiscal strain, with some also cutting social programs, the report stated.
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