The success of a key NATO summit next week is hanging in the balance. Spain has announced that it cannot raise the billions of dollars needed to meet a new defense investment pledge.

Spain has requested an exemption from NATO’s plan to increase member countries’ defence spending to 5 per cent of their gross domestic product, a move that Reuters reported on Thursday could derail

"Committing to a 5% target would not only be unreasonable, but also counterproductive, as it would move Spain further away from optimal spending and would hinder the EU's ongoing