Publication

Greece’s national bankruptcy could only be averted with the aid of considerable loans from the European Union and the International Monetary Fund (IMF). The government’s high military spending and extensive arms purchases in recent years have contributed to the country’s desolate financial situation. This article examines these expenditures and looks at current plans for future arms expenditure. The authors argue that although the Greek government has introduced savings measures in the military and arms sector as a contribution to budgetary consolidation, Athens has not fundamentally re-thought its arms procurement practices.