#Forex Haberleri

Neighbor to Spend 25 Billion Euros on Defense

Greek Prime Minister Kyriakos Mitsotakis announced that his country will allocate 25 billion euros for defense until 2037. Addressing the Parliament, Prime Minister Kyriakos Mitsotakis provided information on Greece’s long-term defense investments and policies. When discussing the resources of the long-term program, Mitsotakis emphasized that these resources are not only limited to investments and armament but also include investments to ensure the country remains strong and stable in a world with unpredictable changes. Drawing attention to the crises in Ukraine, the Middle East, and Syria, Mitsotakis pointed out that the United States is also preparing for a shift in its role within NATO. Mentioning that the changing dynamics will lead to new problems that the European Union (EU) needs to tackle, Mitsotakis stated, “Therefore, investments in our defense capabilities are also investments in our sovereignty and national honor.” Referring to new approaches to defense budgets discussed in the EU, Mitsotakis expressed that Greece will not “overdo” the flexibility provided to EU countries in defense spending within this framework. Mitsotakis noted that when his party New Democracy came to power in July 2019, they were faced with a defense force that had not been invested in due to the economic crisis in previous years, highlighting investments made during their term such as acquiring 24 Rafale-type military aircraft and 3 Belharra-type frigates. Economic constraints during the crisis years prevented planned investments in defense spending, as emphasized by Mitsotakis, who stated, “Now it is different. The Minister of Defense knows there is 25 billion euros available for the defense program.” Addressing the fundamental principles of the new defense investment program planned by Greece, Mitsotakis underlined how the war in Ukraine highlighted changes in defense technologies like the use of drones and artificial intelligence, stating that “All these technologies should be included in the Armed Forces’ long-term planning.” Mitsotakis stressed that being part of the F-35 and Belharra programs is not enough, emphasizing the importance of renewable and upgradable flexible weapon systems. Stressing the significance of domestic value-added in defense investments, Mitsotakis stated, “Today we should also mention Greek defense industry participation in all programs prepared by the Ministry of National Defense for future years.” Mitsotakis further conveyed that another principle of the new defense investment program includes maintenance and repair of existing systems, noting that systems left unmaintained will lead to losses. Emphasizing the need for Greece to adapt to changing global conditions, Mitsotakis continued, “Although we may be a small country in scale, we have great geopolitical importance. I want to emphasize that we have deterrent, not aggressive, aspirations because in an unstable international environment, we are obliged to maintain our internal stability on the basis of national sovereignty.” Mitsotakis highlighted that Greece’s defense policy has both existential and developmental characteristics, stating, “There can be no prosperity without security. Without being financed by a strong economy, security cannot exist either.” Seeking support from opposition parties for the long-term program, Mitsotakis mentioned that Defense Minister Nikos Dendias will provide more detailed information about the program’s content to the relevant parliamentary committee in the coming days.

Neighbor to Spend 25 Billion Euros on Defense

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