Defense Spending: Germany Cuts Funds For European Defense Projects
The German economy contracted by 5 percent in 2009, the largest reduction in Germany’s post-war history. In 2010 Germany plans a record debt – 80 Billion Euro ($110 billion), twice the amount borrowed in 2009. One of the fallouts of the economy crisis is a drastic reduction of funds for European defense projects by 1.5%, or 450 million euros ($617 million) this year. The projects affected by reduced defense funding are EADS’s A400M plane and NH90 helicopter, made by a group including EADS’s Eurocopter SA unit and Finmeccanica SpA’s AgustaWestland.


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