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Sunday, January 30, 2011

Greece won’t buy arms this year, save cash

FREMM frigateGreece will not conclude any major arms deals this year despite ongoing talks with France and Russia as it seeks to save cash to fight its debt crisis, the country’s deputy defence minister told Reuters on Friday.

Since the crisis broke out in 2009, Greece has been cutting its defence budget by about 20 percent every year, as part of efforts to reduce structural spending and slash deficits. The 2011 defence budget is set at 4.87 billion euros ($6.68 billion) or 2.13 percent of GDP, down from 2.8 percent in 2010.

“We continue negotiations with France and Russia, but this doesn’t mean we will reach a deal in 2011,” Deputy Defence Minister Panos Beglitis said in an interview.

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