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Has the EU really just found €400B it could spend on defense?

Europe’s rescue fund has nothing left to rescue. It could now become governments’ silver bullet for military investment instead.

  • Gregorio Sorgi and Bjarke Smith-Meyer
  • Politico

BRUSSELS — The EU’s emergency bailout fund — created at the peak of the debt crisis — could be the answer to governments’ prayers: a ready-made money pot it could invest in defense.

Powerful figures in the bloc are pushing for the European Stability Mechanism (ESM), worth €422 billion, to move beyond its original role rescuing drowning economies, according to five people with knowledge of the…

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