Greece – No Austerity for Military – Ranked 9th in

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Greece is the epicenter of the European debt crisis and is struggling to balance its budgets, with a fast shrinking economy, rising unemployment and protests.

Nevertheless, its military probably doesn’t feel it. Not at all.

According to Bonn International Center for Conversion (BICC), Greece is ranked 9th in the world in the Global Militarization Index. 149 states are ranked in this survey. Greece is ahead of oil rich Saudi Arabia, which has tension with neighboring Iran.

Greece has historic tensions with Turkey, also over Cyprus. Recent discoveries of natural gas around the Mediterranean island have elevated some tensions.

Nevertheless, Greece and Turkey are both members of NATO and a war isn’t in sight.

With Greece overwhelmed by heavy debts and reliant on external aid, it’s quite amazing to see Greece so high in the list.

The unemployment rate in Greece is constantly on the rise, yet most of the job seekers come from the private sector. The public sector, and especially the military, seem to be exempt from the influx of austerity programs.

Greece is negotiating a Private Sector Involvement deal with its creditors these days, as part of a second bailout package. It’s clear that it cannot pay all its debt, but can it continue the significant funding of the military in these troubled times?

Further reading: ECB Ready to Take a Hit on Greek Bonds?

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

6 Comments

  1. Pingback: Greece – No Austerity for Military – Ranked 9th in … – Forex Crunch - forex

  2. I think if you look deeper you will realise that most of the bailout funds going to Greece come with conditions to continue to buy military hardware from Germany and France.

    It’s not as simplistic as this article suggests.

  3. Europe could help by simply assisting Greece to protect the border it has with Turkey. IF they do so, then a large chunk of that spending will not be needed….but I doubt they realy care to help.

  4. Final Decision:
    Greece may use their spartan warriors and take control of Europe.

    Debt solved…!!!

  5. Pingback: Greece Already Misses 2012 Targets – Anti Austerity Government Could Emerge | Forex Crunch