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Greece to proceed with €26 billion defense modernization program
Greece is planning to move ahead with a 12-year, €26 billion defense modernization program, part of an ongoing effort to upgrade the country’s national defense and develop its industrial and technological base.
The program, will span the years 2025-2037 and emphasizes the development of advanced technology, some of it to be home grown. It envisions the development of new aerial and maritime drones, an anti-missile and anti-drone defense system, a maritime surveillance network, and next-generation equipment for ground forces, as well as the acquisition of new warships and fighter aircraft that are already being procured.
Since 2020, Greece has committed approximately €15 billion to defense modernization. Greece is now in the process of procuring four next generation Belharra frigates from France and, a few weeks ago, the government formally signed a procurement contract for 20 fifth-generation F-35 aircraft. At the same time, through a series of restructurings and privatizations, Greece is reviving its shipbuilding capacity and its arms industry.
In the face of rising geopolitical uncertainty, the European Union this month announced a new €800 billion defense program that is designed to wean the bloc off its dependence on the U.S. The EU initiative allows for more relaxed fiscal rules, which will permit member-states to build their defense capabilities without breaching budget limits, while also boosting economic activity and innovation.