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German Chancellor Olaf Scholz announced plans for a massive boost in defense spending in the latest historic policy shift in Berlin triggered by Russia’s invasion of Ukraine.

Germany will channel €100 billion ($113 billion) this year into a fund to modernize the military, Scholz said Sunday in a speech to a special session of the lower house of parliament. Going forward it will spend more than 2% of gross domestic product each year on defense, he added, in line with a NATO target that Berlin has consistently failed to meet.

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