Greece Plans to Increase Defense Expenditures

Greece Plans to Increase Defense Expenditures Greece plans to increase its defense expenditures. Especially after the Eastern Mediterranean tension, Greece aims to spend 10 billion euros on defense within 10 years. Despite the economic crisis and budget deficit caused by the coronavirus (Covid-19) epidemic, Prime Minister Kiryakos Miçotakis aims to increase military spending.   1.5 Billion Euros Allocated for Weapons and Ammunition 1.5 billion euros of the 10 billion euro budget allocated for defense expenditures will be used for the purchase of weapons and ammunition at the first stage. On the other hand, it was claimed that Greece is continuing negotiations for the purchase of torpedoes from Germany. Greece's project to update its F-16 jet fleet by Lockheed Martin of the United States is expected to be completed in 2027 at a cost of about 1.25 billion euros. Greece Ranks Among NATO Countries in terms of Military Expenditure It was reported that Greece's military budget, which was 7.24 billion in 2008, fell to 3.75 billion euros in 2018 due to the economic crisis that has been experienced for more than 10 years. However, despite the economic crisis, Greece ranks high among NATO member countries in terms of the ratio of military spending to economic size. In addition, the fact that Greece, which allocated 2.28 percent of its gross domestic product to defense expenditures in 2019, is above the 2 percent target of NATO and 1.2 percent of the European Union (EU) countries, which draws attention. The people of Greece, on the other hand, are worried that the bill for the expenses to be made will be charged to them.