Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Headlines > Latvian president believes NATO will overcome obstacles, meet 5% goal
    Headlines

    Latvian president believes NATO will overcome obstacles, meet 5% goal

    Latvian president believes NATO will overcome obstacles, meet 5% goal

    Published by Global Banking and Finance Review

    Posted on June 20, 2025

    Featured image for article about Headlines

    By Andrius Sytas

    RIGA (Reuters) -Latvia's president expressed confidence NATO would agree to a new higher defence spending target demanded by U.S. President Donald Trump, despite Spanish objections, saying the alliance had little choice given the growing threat from Russia.

    Spain on Thursday asked to opt out of the plan to increase members' defence spending to 5% of their gross domestic product, as requested by Trump, a move which could derail next week's NATO summit at the Hague.

    Any agreement to raise defence spending needs unanimous approval by the 32 member states.

    Latvian President Edgars Rinkevics told Reuters on Friday he understood why countries further from Russia might have difficulties convincing their voters to spend more on defence. But he said the need was pressing.

    “I do hope there is the understanding in Madrid that this is a critical time for the Alliance, both when it comes to (increasing) its defence capabilities, but also to the Trans-Atlantic relationship,” he said in an interview in Riga.

    “I think that they don't have much of a choice,” he added.

    At an estimated 1.28% of GDP, Spain had the lowest proportion of expenditure on defence in the alliance last year, according to NATO estimates.

    Latvia and fellow Baltic states Lithuania and Estonia are urgently ramping up their militaries, fearing that their neighbour and former overlord Russia could push on from its 2022 invasion of Ukraine to take more territory.

    They spent more than 3% of GDP on defence this year, and have committed to top 5% for the next few years.

    "We are saying that we need to spend as soon as possible now in order to avoid a worst-case scenario, spending much more later," Rinkevics said.

    "While Russia is stuck in Ukraine, that possibility of a direct military attack is not very high," he said. "But it may change very, very quickly ... if a development in Ukraine leads Russian leadership to believe that NATO is weak, that Ukraine is defeated, that NATO is divided".

    (Editing by Andrew Heavens)

    Related Posts
    Serbia's students protest against university pressure after railway station tragedy
    Serbia's students protest against university pressure after railway station tragedy
    US pursuing third oil tanker near Venezuela, officials say
    US pursuing third oil tanker near Venezuela, officials say
    France to build new aircraft carrier, Macron tells troops based in Gulf
    France to build new aircraft carrier, Macron tells troops based in Gulf
    Cricket-Ashes defeat heralds end of England's Bazball era
    Cricket-Ashes defeat heralds end of England's Bazball era
    Swiss interior minister open to social media ban for children
    Swiss interior minister open to social media ban for children
    Trump set to expand immigration crackdown in 2026 despite brewing backlash
    Trump set to expand immigration crackdown in 2026 despite brewing backlash
    Swedish customs says it has boarded Russian ship in Swedish waters to conduct inspection
    Swedish customs says it has boarded Russian ship in Swedish waters to conduct inspection
    Kremlin says peace prospects not improved by Europe, Ukraine changes to US proposals
    Kremlin says peace prospects not improved by Europe, Ukraine changes to US proposals
    Roche CEO points to higher future drug prices in Switzerland after US deal
    Roche CEO points to higher future drug prices in Switzerland after US deal
    Zelenskiy favours US proposal of three-way talks if it produces results
    Zelenskiy favours US proposal of three-way talks if it produces results
    UK's Prince William and son George volunteer at homelessness charity
    UK's Prince William and son George volunteer at homelessness charity
    US intercepts oil tanker off Venezuelan coast, officials say
    US intercepts oil tanker off Venezuelan coast, officials say

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    More from Headlines

    Explore more articles in the Headlines category

    US offers new talks format including Russia and Ukraine, Zelenskiy says

    US offers new talks format including Russia and Ukraine, Zelenskiy says

    Escalating Russian airstrikes aim to cut Ukraine off from sea, Zelenskiy says

    Escalating Russian airstrikes aim to cut Ukraine off from sea, Zelenskiy says

    Stellantis CEO says investments at risk in Europe after EU auto package

    Stellantis CEO says investments at risk in Europe after EU auto package

    French presidential silverware keeper faces trial over suspected porcelain theft

    French presidential silverware keeper faces trial over suspected porcelain theft

    Ukraine and Portugal agree on co-production of Ukrainian sea drones

    Ukraine and Portugal agree on co-production of Ukrainian sea drones

    Italian police arrest 384, seize 1.4 tonnes of drugs in nationwide crackdown

    Italian police arrest 384, seize 1.4 tonnes of drugs in nationwide crackdown

    How Brazil's deadliest police raid turned into a bloodbath

    How Brazil's deadliest police raid turned into a bloodbath

    Bangladesh holds state funeral for slain youth leader amid tight security

    Bangladesh holds state funeral for slain youth leader amid tight security

    Ukraine says it hit Russian oil rig, patrol ship in Caspian Sea

    Ukraine says it hit Russian oil rig, patrol ship in Caspian Sea

    US, Russian officials meet in Florida for more Ukraine talks

    US, Russian officials meet in Florida for more Ukraine talks

    US hits ISIS in Syria with large retaliatory strikes, officials say

    US hits ISIS in Syria with large retaliatory strikes, officials say

    Australia PM says Jewish community 'completely unbreakable' after Bondi attack

    Australia PM says Jewish community 'completely unbreakable' after Bondi attack

    View All Headlines Posts
    Previous Headlines PostPutin says he is worried when asked if he is concerned world is heading towards World War Three
    Next Headlines PostVenice divided ahead of billionaire Bezos' 'wedding of the century'