Greece unveils major EUR25bn defence plan
- Europe
- News
- Investment
The plan is heralded as the “most drastic transformation” of the country’s armed forces by the prime minister.
Greece has unveiled a major EUR25 billion 12-year defence plan to transform the country’s armed forces.
Announced by the Prime Minister Kyriakos Mitsotakis on 2 April, the strategy outlines several core pillars to bolster its armed forces, including supporting its domestic defence industry, investing in advanced technologies, and resuming missile production.
The plan underlines several priority technologies to invest in, including uncrewed vehicles, loitering munitions, a communications satellite, cyber, and an air defence dome called ‘Achilles Shield’.
This shield aims to combine existing air defence systems with new platforms, providing “anti-missile, anti-ballistic, anti-aircraft, anti-ship, anti-submarine and anti-drone” protection, the prime minister said.
Greece is one of the first countries to benefit from the EU’s changing debt rules, which now allows members to increase defence spending without fear of fines or penalties. However, the prime minister exhibited restraint.
“The ultimate judge is the markets and the sustainability of our debt. The flexibility must be used sparingly so as not to derail our path”.
Regarding this, the prime minister suggested that the EU eventually establish a joint fund focused on “shared [defence] benefits such as a European anti-missile shield that will cover all European countries and can be funded by European grants to member states, not loans. But we are not there yet”.
Greece has consistently spent above the current NATO 2% of GDP target, spending around 3% this year.
The country has recently pivoted more towards European technology, having procured 24 Rafale fighter jets from France’s Dassault Aviation and three – expected to be four soon – Belharra frigates from France’s Naval Group.
)
)
)
