Zürcher Nachrichten - Greece to spend big on 'historic' military shake up

EUR -
AED 4.017057
AFN 78.200352
ALL 98.593639
AMD 427.634639
ANG 1.957892
AOA 1001.799338
ARS 1176.523215
AUD 1.831432
AWG 1.969968
AZN 1.859512
BAM 1.955142
BBD 2.20584
BDT 132.721109
BGN 1.955537
BHD 0.412244
BIF 3199.523161
BMD 1.093667
BND 1.475739
BOB 7.549116
BRL 6.536629
BSD 1.092422
BTN 94.161605
BWP 15.419941
BYN 3.575224
BYR 21435.875563
BZD 2.194422
CAD 1.555353
CDF 3141.011698
CHF 0.929748
CLF 0.028496
CLP 1093.590904
CNY 8.026751
CNH 8.096232
COP 4836.05383
CRC 560.867751
CUC 1.093667
CUP 28.982179
CVE 109.691969
CZK 25.18694
DJF 194.366373
DKK 7.466359
DOP 69.005308
DZD 146.05048
EGP 56.072202
ERN 16.405007
ETB 141.848182
FJD 2.560767
FKP 0.85927
GBP 0.855521
GEL 3.00762
GGP 0.85927
GHS 16.945921
GIP 0.85927
GMD 78.194662
GNF 9466.782178
GTQ 8.425474
GYD 228.561927
HKD 8.498986
HNL 28.161668
HRK 7.53843
HTG 142.935386
HUF 407.65075
IDR 18662.554478
ILS 4.12009
IMP 0.85927
INR 94.491144
IQD 1432.703928
IRR 46043.385958
ISK 144.914764
JEP 0.85927
JMD 172.498822
JOD 0.775297
JPY 160.385738
KES 141.648391
KGS 95.211483
KHR 4333.108891
KMF 492.695114
KPW 984.274684
KRW 1624.407411
KWD 0.336795
KYD 0.91036
KZT 565.881395
LAK 23688.829858
LBP 97937.890692
LKR 326.647005
LRD 218.180917
LSL 20.527915
LTL 3.229314
LVL 0.661548
LYD 6.069299
MAD 10.419912
MDL 19.396894
MGA 5096.488568
MKD 61.482114
MMK 2296.028085
MNT 3838.517982
MOP 8.743019
MRU 43.594047
MUR 49.324202
MVR 16.84333
MWK 1898.062335
MXN 22.631297
MYR 4.911695
MZN 69.896491
NAD 20.528006
NGN 1694.462038
NIO 40.219596
NOK 11.970569
NPR 150.676471
NZD 1.970378
OMR 0.421037
PAB 1.092432
PEN 4.012115
PGK 4.46978
PHP 62.91214
PKR 306.881726
PLN 4.273493
PYG 8758.374255
QAR 3.982006
RON 4.978261
RSD 117.187497
RUB 93.89305
RWF 1548.632643
SAR 4.105452
SBD 9.095299
SCR 16.208329
SDG 656.739521
SEK 10.976208
SGD 1.481148
SHP 0.859451
SLE 24.881103
SLL 22933.653868
SOS 625.031421
SRD 40.30489
STD 22636.70129
SVC 9.55861
SYP 14219.37655
SZL 20.528326
THB 38.183748
TJS 11.869684
TMT 3.827835
TND 3.378064
TOP 2.561482
TRY 41.565476
TTD 7.409253
TWD 36.157186
TZS 2940.870799
UAH 44.997253
UGX 4054.969711
USD 1.093667
UYU 46.476067
UZS 14152.053021
VES 80.128637
VND 28462.686812
VUV 136.77341
WST 3.109526
XAF 655.796371
XAG 0.036617
XAU 0.000367
XCD 2.95569
XDR 0.815522
XOF 653.471553
XPF 119.331742
YER 268.659229
ZAR 21.537615
ZMK 9844.319252
ZMW 30.452541
ZWL 352.160367
  • CMSD

    -0.1000

    22.38

    -0.45%

  • CMSC

    0.0400

    22.21

    +0.18%

  • SCS

    -0.4600

    9.74

    -4.72%

  • JRI

    0.2100

    11.47

    +1.83%

  • BCC

    -1.9600

    89.93

    -2.18%

  • BCE

    -1.2100

    20.87

    -5.8%

  • RBGPF

    -7.7300

    60.27

    -12.83%

  • RIO

    -2.2400

    52.32

    -4.28%

  • NGG

    -0.1600

    62.74

    -0.26%

  • RELX

    -0.2200

    45.31

    -0.49%

  • VOD

    -0.1600

    8.19

    -1.95%

  • RYCEF

    0.1500

    8.38

    +1.79%

  • GSK

    -0.7100

    34.13

    -2.08%

  • AZN

    -0.8900

    64.9

    -1.37%

  • BTI

    0.1200

    39.55

    +0.3%

  • BP

    -1.0600

    26.11

    -4.06%

Advertisement Image
Greece to spend big on 'historic' military shake up
Greece to spend big on 'historic' military shake up / Photo: Theophile Bloudanis - X04108/AFP

Greece to spend big on 'historic' military shake up

NATO member Greece is set to unveil a massive modernisation of its armed forces on Wednesday, following the lead of several of its European allies.

Advertisement Image

Text size:

Prime Minister Kyriakos Mitsotakis is expected to present the timeline to parliament, headlined with an eye-catching new anti-aircraft defence set-up called "Achilles's Shield".

The Mediterranean country already dedicates more than 3.0 percent of its GDP on defence -- owing to decades of tension with neighbouring Turkey.

It now plans to invest approximately 26 billion euros ($28 billion) on new weapons systems by 2036, according to ministerial sources.

The Greek government has called it "the most significant reform ever undertaken in the history of the Greek state in terms of national defence."

"Our country is protecting itself, arming itself, and strengthening itself," government spokesman Pavlos Marinakis said last week.

Alongside Poland, Estonia and Latvia, Greece is one of the few NATO member states that allocates more than 3.0 percent of output to defence.

And this year the nation of 10.5 million has doubled its military budget to 6.13 billion euros ($6.6 billion).

"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' -

A key part of the shake-up is an upgrade to its anti-missile and anti-aircraft systems called "Achilles's Shield", according to a source familiar with the matter.

Greek media reports suggest Athens is in negotiations with Israel to acquire the shield, 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.

A fourth frigate will be built in Greek shipyards, offering added value to strengthen the Greek defence industry.

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 have lately 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.

A.Senn--NZN

Advertisement Image