Spanish Prime Minister Pedro Sánchez announced on Tuesday an investment of over 10 billion euros to increase military spending to 2% of the country’s GDP starting this year, in line with NATO’s requests.
Sánchez only referenced the year 2029 to achieve this goal, which is to make defense spending account for 2% of national wealth, despite growing pressure from Washington and NATO.
Sánchez told the press following a Cabinet meeting: “It is essential that we respect the investment targets required by our partners,” emphasizing the impact of these external pressures.
He added that these investments will be made “without raising taxes, without touching a penny of state investment in social spending, and without increasing the overall deficit.”
