BEIRUT, LEBANON (10:15 A.M.) – The Greek Finance Minister expressed his country’s readiness to spend part of its cash reserves to support its armed forces this year, after years of implementing austerity policy in defense spending.

During the decade-long debt crisis that began in late 2009, Greece slashed its defense spending under the terms of three bailouts, and exited its third bailout in August 2018.

In an interview with Alpha TV, Finance Minister Christos Staikouras said that his mission includes “supporting the deterrence force of the armed forces.”

The minister stated that the Ministry of Finance “will do everything possible to support the government’s decisions in this regard.”

Staikouras made these statements in light of the escalation of tension between Greece and Turkey, members of NATO, over energy sources in the eastern Mediterranean.

Greece has accumulated cash available from untapped rescue packages and funds raised from the market, totaling 34 billion euros.

The country was looking for an economic recovery this year, but the coronavirus has turned expectations upside down, and the government is now indicating an economic contraction of up to ten percent of the country’s output.

 

Source: Reuters

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Stern Daler
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Stern Daler
2020-09-01 19:24

Then Greece has financially better prepared than Turkey.
EU should also allocate funds and armed contingents. IMHO.
Give the Caliphate of Turkey no chance.

Daeshbags Sux
Daeshbags Sux
2020-09-02 01:56
Reply to  Stern Daler

Well, HAF wanted Rafale and couldn’t cash, now they shouldn’t have problem to order even 6-8 squadrons ($1.3bn/squadron, flyaway cost).With 2 remaining squadrons of antiques like F-4 Phantom-II and even if still very efficient, about 35y old 1.5 squadron of Mirage-2000, this would really bring a breath of fresh air

Stern Daler
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Stern Daler
2020-09-02 07:33
Reply to  Daeshbags Sux

War preparation German style. Get new gear when war seems not avoidable. And the French will complain about militarism being stuck with once cutting edge M1886 Lebel Rifle. 😛 https://www.youtube.com/watch?time_continue=13&v=1WwYl6ANNlw&feature=emb_logo

p.s. The HAF should pay the French to operate the planes. They are around with new gear anyway. Land and lease EU style.

Stern Daler
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Stern Daler
2020-09-02 13:09
Reply to  Daeshbags Sux

According to Asharq AL-awsat, 01.09.2020, Greece in Talks with France over 18 Dassault-made Rafale and other countries over arms purchases to boost its armed forces,

I bet the Caliph hates that he is broke, Turkish economy is contracting, inflation at ca 12% and Lira exchange rate dropping to new lows.