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Wednesday, March 20, 2013

Fiscal Crisis Cuts Greek Arms Imports

HS Papanikolis (U-214 class) |With big cutbacks in spending, including in defense, arms imports by Greece fell 20 percent from 2008-12 as austerity measures were being imposed to reduce the country’s debt and keep rescue monies coming from international lenders.

Greek imports overall declined 61 percent, as Greece fell from 4th to 15th in import rankings, according to the Stockholm International Peace Research Institute. In 2006-10 Greece was the top recipient of German arms exports, SIPRI said.

The Greek defense industry has also been suffering and two of its major companies are being eyed for a takeover by Qatar.

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