The China Mail - Greece to spend 25 bn euros in 'drastic' defence overhaul: PM

USD -
AED 3.67306
AFN 71.025985
ALL 86.762083
AMD 389.450402
ANG 1.80229
AOA 917.499045
ARS 1165.374203
AUD 1.566416
AWG 1.8025
AZN 1.69945
BAM 1.71838
BBD 2.002943
BDT 121.466383
BGN 1.71908
BHD 0.376871
BIF 2973.281671
BMD 1
BND 1.309998
BOB 6.907549
BRL 5.62324
BSD 0.999671
BTN 85.150724
BWP 13.648225
BYN 3.271568
BYR 19600
BZD 2.008127
CAD 1.38405
CDF 2877.999744
CHF 0.82435
CLF 0.024644
CLP 945.689935
CNY 7.2695
CNH 7.268375
COP 4193.5
CRC 505.37044
CUC 1
CUP 26.5
CVE 97.149883
CZK 21.901899
DJF 177.720173
DKK 6.554497
DOP 58.850217
DZD 132.39499
EGP 50.797897
ERN 15
ETB 133.816329
EUR 0.878098
FJD 2.25995
FKP 0.746656
GBP 0.74585
GEL 2.740168
GGP 0.746656
GHS 15.300641
GIP 0.746656
GMD 71.499517
GNF 8655.999933
GTQ 7.699235
GYD 209.77442
HKD 7.75825
HNL 25.942636
HRK 6.617397
HTG 130.805895
HUF 355.080393
IDR 16717.55
ILS 3.62415
IMP 0.746656
INR 85.17235
IQD 1310
IRR 42099.999994
ISK 128.320083
JEP 0.746656
JMD 158.360167
JOD 0.709197
JPY 142.265019
KES 129.499281
KGS 87.450529
KHR 4003.00018
KMF 432.249532
KPW 900.101764
KRW 1432.139745
KWD 0.30623
KYD 0.833088
KZT 511.373521
LAK 21619.999644
LBP 89549.999944
LKR 299.461858
LRD 199.52498
LSL 18.559826
LTL 2.95274
LVL 0.60489
LYD 5.454989
MAD 9.26225
MDL 17.204811
MGA 4511.608496
MKD 54.023084
MMK 2099.785163
MNT 3572.381038
MOP 7.988121
MRU 39.724978
MUR 45.210825
MVR 15.401804
MWK 1735.999641
MXN 19.566799
MYR 4.327498
MZN 64.009907
NAD 18.559522
NGN 1603.759815
NIO 36.786962
NOK 10.367698
NPR 136.24151
NZD 1.683219
OMR 0.384941
PAB 0.999671
PEN 3.6665
PGK 4.141754
PHP 55.990082
PKR 281.049719
PLN 3.752657
PYG 8005.869096
QAR 3.641504
RON 4.371396
RSD 102.971863
RUB 81.98323
RWF 1417
SAR 3.751021
SBD 8.354312
SCR 14.236967
SDG 600.499803
SEK 9.631101
SGD 1.307798
SHP 0.785843
SLE 22.749654
SLL 20969.483762
SOS 571.504011
SRD 36.849933
STD 20697.981008
SVC 8.747337
SYP 13001.961096
SZL 18.559721
THB 33.439862
TJS 10.556725
TMT 3.51
TND 2.973996
TOP 2.342101
TRY 38.478899
TTD 6.782788
TWD 32.337498
TZS 2689.999856
UAH 41.532203
UGX 3663.759967
UYU 42.093703
UZS 12944.520346
VES 86.54811
VND 26005
VUV 121.306988
WST 2.770092
XAF 576.326032
XAG 0.030346
XAU 0.000301
XCD 2.70255
XDR 0.715661
XOF 576.328564
XPF 105.250365
YER 245.050235
ZAR 18.544976
ZMK 9001.202706
ZMW 27.966701
ZWL 321.999592
  • RIO

    0.0100

    60.88

    +0.02%

  • NGG

    0.1900

    73.04

    +0.26%

  • RBGPF

    -0.4500

    63

    -0.71%

  • CMSC

    -0.0800

    22.24

    -0.36%

  • SCS

    0.1500

    10.01

    +1.5%

  • AZN

    1.7800

    71.71

    +2.48%

  • GSK

    0.9100

    38.97

    +2.34%

  • BTI

    0.4700

    42.86

    +1.1%

  • CMSD

    -0.1300

    22.35

    -0.58%

  • RELX

    0.4300

    53.79

    +0.8%

  • RYCEF

    0.0700

    10.25

    +0.68%

  • BCC

    -0.8300

    94.5

    -0.88%

  • JRI

    0.1300

    12.93

    +1.01%

  • BCE

    0.1100

    21.92

    +0.5%

  • BP

    -1.0600

    28.07

    -3.78%

  • VOD

    0.0100

    9.58

    +0.1%

Greece to spend 25 bn euros in 'drastic' defence overhaul: PM
Greece to spend 25 bn euros in 'drastic' defence overhaul: PM / Photo: © X04108/AFP

Greece to spend 25 bn euros in 'drastic' defence overhaul: PM

Greece will spend 25 billion euros ($27 billion) through to 2036 in the "most drastic" defence overhaul in its modern history, Prime Minister Kyriakos Mitsotakis said on Wednesday.

Text size:

The drive, which includes a new anti-missile, anti-aircraft and anti-drone defensive dome called "Achilles's Shield", is aimed at addressing rapidly changing geopolitical challenges and fraying transatlantic ties, Mitsotakis said.

"Τhe plan involves the most drastic transformation of the armed forces in the country's modern history," Mitsotakis told parliament.

"The world is changing at an unforeseeable pace."

Greece has traditionally invested at least two percent of gross domestic product on its defence -- NATO's spending target -- owing to decades of tension with regional rivals Turkey.

But the new initiative is also designed to make the country of 10.5 million people "a key branch" of the European Union's defence mechanism, contributing one of the bloc's "most advanced" armies, Mitsotakis said.

This year, the nation's military budget doubled to 6.13 billion euros ($6.6 billion).

Alongside Poland, Estonia and Latvia, Greece is now one of the few NATO member states that allocates more than three percent of output to defence.

"Historically, Greece has served and will continue to serve as an outpost for Europe, which is currently seeking to reorganise its defence in a difficult international setting," said Maria Gavouneli, a professor of international law at the University of Athens.

- 'Achilles's Shield' -

Greek media reports suggest Athens is in negotiations with Israel to acquire the defensive dome, which also includes enhancing anti-drone systems.

France, Italy and Norway have been also cited as possible suppliers of the new weapons, which include unmanned vessels (USVs), drones and radars.

Greece has sought to strengthen its position on the EU's Eastern Mediterranean border, close to the conflict zones of the Middle East.

A dutiful buyer of European military equipment, especially from France and Germany, Greece has always justified its arms spending by pointing to territorial disputes and threats from historic rival Turkey.

- 'Necessary' overhaul -

"This reorganisation was necessary for Greece because during the economic crisis of the last decade and the freeze on public spending, the country fell behind in terms of modernising (its arsenal)," said Gavouneli, who is also the director general of the Hellenic Foundation for European and Foreign Policy think-tank.

Greece has signed a military cooperation agreement with France, ordering 24 Rafale fighter jets and three Belharra-class defence and intervention frigates (FDI) for a total of more than 5.5 billion euros.

And Athens has suggested building three more of the frigates in Greek shipyards, a source at France's Naval Group said on Wednesday.

Athens has also signed a deal for the acquisition of 20 US-made F-35 fighter jets.

Last November, Defence Minister Nikos Dendias said Greece would order four different drone systems and overhaul its armed forces by merging military units.

Athens must cope with a "different reality" and modernise its forces quickly to meet the challenges of the 21st century and those in its relationship with Ankara, Dendias said at the time.

France, Germany, and Poland recently announced plans to bolster their militaries at a time of faltering confidence in the US military umbrella. European Commission President Ursula von der Leyen has stressed that the EU must significantly increase its arms spending in the face of the threat from Russia.

X.Gu--ThChM