Another European country announces major military spending package
Photo: Greece to purchase Rafale fighter jets (Getty Images)
European countries are updating their plans to increase military capabilities. Greece will spend 25 billion euros on defense by 2037, Bloomberg reports, citing Prime Minister of Greece Kyriakos Mitsotakis.
The new plan, which will define Greece's defense capabilities in the medium term, comes amid Europe's efforts to increase military spending in the context of Russia's ongoing aggression against Ukraine and the weakening of the US presence on the continent.
"Investments in our defense capabilities are investments in our sovereignty," Mitsotakis stated.
Unlike many EU countries, Greece is not unfamiliar with prioritizing defense spending. It has historically been one of NATO's members with the highest defense spending as a percentage of its economic output, regularly exceeding the alliance's target of 2% of GDP, even at the peak of its sovereign debt crisis.
Much of this is tied to the long-standing rivalry with neighboring Türkiye, a source of constant tension that forces both countries to maintain strong deterrence capabilities. Over the past five years, Greece has purchased 24 Rafale fighter jets from France and ordered up to 40 F-35 strike fighters from the US.
The new 12-year strategy sets a price on the amount the government plans to spend on further enhancing its equipment and other capabilities.
"The defense minister knows that he has €25 billion at his disposal for the duration of the program," said the Prime Minister. He will now need to prioritize and make choices that are critical and necessary.
As previously reported, Finland will increase its defense spending to at least 3% of GDP by 2029. By that time, spending will increase by approximately 3 billion euros.
