(Source: Deutsche Welle German radio)
12:00 AM, October 8, 2008
With the global financial crisis taking hold and governments on both sides of the Atlantic rushing to the aid of banks, analysts have forecast a potential long-term downsizing of military budgets in Europe and the US.>> The pressure that has been applied by the current crisis and uncertainty over whether the $700-billion US bailout scheme will in fact have a significantly remedying effect on the world's financial woes may make some military spending difficult to justify, the defense analysts, from London's International Institute for Strategic Studies, said Tuesday.>> "I can't see defense is going to escape any kind of austerity measures," said defense economist Mark Stoker from the London institute, as quoted by Reuters.