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Greece Defence and Security Report Q2 2009
Market |
Defence |
Report Type |
Market Research |
Country |
Greece |
Published |
21 May 2009 |
Number of Pages |
49 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
The Greek defence industry is composed of both large state-run firms and a number of small and medium-sized businesses, which are primarily geared towards handling sub-contract work for the bigger state-owned enterprises. Greece is a major importer of arms, but the Ministry of Defence is gradually shifting to more domestically supplied weapons. The goal of the government is for Greece to eventually rely solely on domestically produced armaments.
In pursuit of this goal, the Ministry of National Defence is in the process of modernising the Hellenic defence industry and upgrading its technological infrastructure. The hope is that this will not only result in their playing a greater role in major armaments programmes, but also boost their exports.
However, the economic downturn is likely to curb the amount Greece is able to spend on developing its defence industry. Greece has spent more than it earns in tax receipts, resulting in a swelling budget deficit. Consequently, companies are focusing on building international partnerships. Hellenic Aerospace Industry said in November 2008 that it would help build the new MC-21 plane from Russia’s Irkut. The passenger plane could become a rival for the Airbus 320 and Boeing 737.
On the domestic security front, discontent with the government’s policies on education and jobs has been growing amid the economic downturn. The country experienced some of the worst riots it has seen since World War II in December 2008 after police shot dead a teenage schoolboy. Anarchists are also ramping up their activities and pose a threat. On the international front, Greece’s opposition to FYR Macedonia’s entry into NATO is likely to remain a thorny issue, especially after Croatia and Albania became members in April 2009.
Greece’s defence budget has declined in recent years as the nation has struggled from budget constraints.
The country is still struggling after spending heavily for the 2004 Athens Games. The global financial crisis has only exacerbated its budget woes. Greece may come under further pressure to reduce spending on weapons. Industry experts do not foresee governments significantly altering current defence budgets, but they anticipate a regional trend of lower spending across Europe.
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