Greece military purchases delayed

[Robbien]

Source: AP

Greece will hold off any purchases of warships or fighter planes, a top defense official says, as one of Europe's top military spenders struggles to pull itself out of a financial crisis that pushed it close to bankruptcy.

Due to decades-long tension with neighboring Turkey, debt-ridden Greece has the European Union's biggest military budget as a percentage of gross domestic product, and the second highest in NATO after the United States.

But with the government imposing an austerity program that has slashed salaries and pensions and increased taxes in an effort to reduce the country's massive deficit, which currently stands at 13.6 percent of GDP, it cannot afford to spend billions of euros (dollars) on military equipment.

Read more: http://www.businessweek.com/ap/financialnews/D9G35ATG0.htm

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Reducing military spending to balance budget deficits, what a novel idea.

[Sherman A1]

1. A silver lining to a dark cloud!

it's a start, perhaps other countries will see the light.