EU ministers approve new 150 billion-euro arms fund
On Tuesday, the European Union approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent.
The approval by ministers from EU countries at the meeting in Brussels was the final legal step in setting up the Security Action for Europe (SAFE) scheme, using joint EU borrowing to give loans to European countries for joint defense projects.
The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said.
Reuters
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