Recently read in the economic news letter from Gavekal a very interesting stat. The TOP 3 Countries with the largest expediture on defence in 201O were, China, India and wait for it ............... GREECE. Greece cut social security payments by $1 biilion during the period but INCREASED defensive spending by $1 bill Greece spends 4% of GDP on defence, and the EU average is around 1.4%. If Greece had spent the EU average over the last 10 years it would have saved 150 Billion Euros.
What is most interesting, was that in all the calls for cut backs the germans have not asked for cut backs in defense - which is not surprising as the germans and French are the biggest beneficiaries of the Greek defense spend.
Wouldn't it make sense for GREECE to reduce spending to 1.4% and if this makes the Eurozone concerned about security, then have EU fund the other 2.6%.
