NATO Defense Push Already Straining European Government Budgets
๐ถ BRUSSELS โ Trump's 5% demand is arriving at treasuries already running on fumes. ๐ LOOK CLOSER: European governments face a structural bind: defense commitments require immediate spending, but fiscal rules and debt loads leave little room. Italy, France, and Spain โ highest debt-to-GDP in the bloc โ must choose between NATO credibility and bond market stability. The squeeze arrives before a single new tank rolls.