Here’s a thought experiment. What country do you think of when you hear out of control defense spending and a shrinking middle class? Most would immediately think of the United States but today comes the news that Greece has been using bailout funds for defense purchases. Instead of solving their debt crisis the money that came from the IMF (US) and the EU (Germany) decided to go for a 360. We gave them the cash and they have turned around and bought military hardware. Sign Up For Our Free Weekly Newsletter
Greece’s standpoint is that they must have a strong military. Cause you never know when they might have to breach the walls of Troy again. They say Turkey’s military build-up is cause for concern and that they must keep pace. Here I was thinking their shattering financial situation was the real cause for concern. But hey what’s a few Euros when you can just print some more.
Purchases on the military hardware have run the range from American-made Apache attack helicopters to German submarines. So the countries that are pushing for Greece to solve their fiscal issues are giving them money so they can turn around and give it back via arms purchases. So glad they are on top of this sovereign debt issue. I was actually getting concerned.
An unnamed source in Zeit Online said that if Greece receives the next tranche of bailout funds in March there is a good possibility another arms deal could be brokered. All of this military build-up should be a concern from a domestic political standpoint. Greece has a proclivity for military coups and the current stress on the political climate there makes the situation all the more volatile.