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The crisis slows down the negotiations of armament of Greece with France and Russia 3001112.

| 2011
Defense News - Greece

Sunday, January 30, 2011, 10:49 AM

The crisis slows down the negotiations of armament of Greece with France and Russia.
Greece negotiates the purchase of weapons with Russia and France, but does not plan to sign contracts in 2011 because of the economic crisis situation in the country, announced this Friday January 28, 2011, the first Greek vice-minister of Defense, Panos Beglitis.

“We continue the negotiations with France and Russia, but that does not mean that we will manage an agreement in 2011. The emanating signal of our government is clear: taking into account the unfavourable economic conditions, we cannot finish transactions”, it declared.

In 2007, Athens concluded an prior agreement with France on the delivery from six multipurpose frigates type FREMM for an amount from 2,5 billion Euros. In parallel, it has carried out for a few years of the negotiations with Russia on the purchase of tracked armoured infantry fighting vehicles, BMP-3. At the beginning, this market was estimated at 1.2 billion Euros.

One of the largest purchasers of foreign weapons, Greece underwent into 2009 the consequences of the world economic crisis and was seen obliged to reduce its military budget in 2010 to discharge its sovereign debt. The military budget of the country for 2011 rises to 4,87 billion Euros, that is to say to 2,13% of the GDP compared with 2,8% in 2010.

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