Most Group of Seven (G7) nations, with the exception of Germany and Canada, devote more budgetary funds to public debt servicing than to defense, Bloomberg reported, citing calculations by Scope Ratings. According to the agency, Italy's debt servicing costs exceed its defense budget nearly threefold, while the United States spends more than twice as much on debt interest as on defense. In the UK and France, debt servicing costs are twice defense spending. Meanwhile, Germany’s interest payments on bonds represent 35% of its defense expenditures. According to him, the United States, Japan, and France will encounter historically high national debt servicing costs over the next five years.