Germany has successfully cleared its final legislative hurdle to unlock 100b

Breaking news: Germany has successfully cleared its final legislative hurdle to unlock hundreds of billions of euros for debt-financed defense and infrastructure projects, with lawmakers in the upper house of parliament in Berlin approving the measures today.
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The passage of this bill, which marks the end of decades of austerity in Germany, is expected to initiate a new era of deficit spending aimed at revitalizing Europe's largest economy and strengthening its military capabilities. UK Chancellor Rachel Reeves is projected to exceed her borrowing forecasts for the current fiscal year by approximately £20 billion ($26 billion), highlighting the precarious state of the UK's public finances. This announcement comes just ahead of the Spring Statement next week, where Reeves is likely to unveil significant cuts to public spending and welfare programs. Meanwhile, European Union leaders have been embroiled in discussions regarding weapon shipments to Kyiv and representation in US-led diplomatic efforts concerning the ongoing war. An attempt during summit talks yesterday to allocate €5 billion ($5.4 billion) for ammunition supplies to Ukraine this year was reportedly stalled by France and Italy. As Europe prepares for a substantial increase in defense expenditure, it faces challenges in producing sufficient ammunition and explosives to meet rising demand.
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Former President Trump has denied claims that Elon Musk will receive briefings on the American military's contingency plans for a potential conflict with China. This development would have potentially given the Pentagon access to a billionaire with deep business connections in Beijing. At the same time, Trump is invoking emergency powers to enhance US production of critical minerals in an effort to lessen dependence on China. In Israel, the cabinet has endorsed Prime Minister Benjamin Netanyahu's decision to dismiss the head of the domestic intelligence agency, Ronen Bar, despite widespread protests against his removal and the ousting of other security and judicial officials. President Xi Jinping's government is preparing to host a US senator with close ties to Trump for discussions in China this weekend, as both nations work to revive stalled trade negotiations. On another front, Japan and China are set to hold their first economic dialogue in six years tomorrow, aimed at easing tensions as both countries encounter trade pressures from the US. In Sudan, the army has stormed the presidential palace in Khartoum today, marking a significant victory over the rebel Rapid Support Forces in a brutal civil war that has endured for two years. Lastly, European leaders addressed the situation in Bosnia-Herzegovina at their recent summit, expressing increasing concern over the potential disintegration of the war-torn Balkan nation.
Source @Bloomberg

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