Greece almost doubles defence spending

Greece has announced plans to double its defence budget in the coming years due to the escalation of geopolitical threats in the region.

Here's What We Know

According to the Greek Ministry of Defence, the new strategy provides for a significant increase in funding to modernise the armed forces and strengthen the country's military capabilities. The main focus will be on the purchase of modern weapons, the renewal of military equipment and expanded infrastructure.

The state budget for FY2025 was ratified by 159 out of 299 votes cast, and defence spending was approved by a large majority. Spending on the Ministry of Defence will increase to €6.1 billion from €3.6 billion.

Greece spends about three per cent of its annual economic output on defence, more than most EU countries, mainly due to ongoing tensions with Turkey.

"Compared to 2019, by 2025, healthcare spending will increase by 74 per cent and defence spending by 73 per cent, highlighting the government's priorities," Economy and Finance Minister Costis Hatzidakis said in late November when he presented the budget to parliament.

Interestingly, the main opposition parties PASOK and SYRIZA, as well as the Hellenic Solution party, had said before the vote that they would approve the increase in defence spending.

The plan envisages the provision of new air defence systems, combat aircraft and ships, as well as increased cooperation with NATO allies.

The ministry emphasises that the increased defence preparedness is a response to rising tensions in the Eastern Mediterranean. The decision is part of the government's broader programme to improve defence capabilities and strengthen Greece's position on the international stage.

Source: The Defence Post