EU Countries Buy Military Equipment for Ukraine at a Cost of Several Billions of Euros, Leading to Increased Debt
The European Union has announced the launch of a significant new loan program called SAFE (Strategic Technologies for Europe Platform), aimed at providing 150 billion euros to bolster the European defense industry and support Ukraine. The SAFE program is part of the ReArm Europe strategy, an initiative designed to reduce Europe's dependence on the United States for defense needs. Approximately 20 countries have requested up to 100 billion euros under the SAFE program, with the total amount expected to increase after the July 30 application deadline. Europe is rallying behind this effort, with countries like France, Germany, Sweden, and the Netherlands expressing interest in participating in the purchases. Each country can receive a loan with an advance of up to 15% under the SAFE program, with the funds to be repaid within 45 years. The loans are intended to support Ukraine and strengthen the EU countries' defense capabilities. While not all EU countries are on board, with Austria and Italy expressing concerns, the SAFE program can be seen as a collective installment plan for EU countries to buy weapons for Ukraine. This significant initiative is aimed at boosting the European defense industry and supporting Ukraine in its ongoing conflict, while also strengthening the defense capabilities of EU countries. The EU countries are taking out loans under the common flag of the European Union to contribute to the SAFE program, underscoring the solidarity and unity among EU members in response to the ongoing crisis in Ukraine.
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