Greece Seeks €1.2B EU SAFE Loans for Defense Modernization
Greece Seeks €1.2B EU SAFE Loans for Defense Modernization

Greece Seeks €1.2B EU SAFE Loans for Defense Modernization

News summary

Greece announced plans to join the European Union's SAFE (Security Action for Europe) defense funding mechanism, seeking approximately €1.2 billion in low-interest loans to modernize its defense capabilities and bolster its defense industry. Prime Minister Kyriakos Mitsotakis emphasized that this move strengthens Greece's deterrent power, operational capacity, and national autonomy while supporting the 12-year Long-Term Defense Armament Program, which will expand to around €30 billion from 2025 to 2036. Key acquisitions include Israeli-made defense systems such as the BARAK MX medium-range air defense system and PULS multiple rocket launchers, both eligible for SAFE funding. The Greek government highlights its strategic use of EU funding tools, including fiscal flexibility under the ReARM Europe framework, to enhance domestic defense production, attract investment, create jobs, and contribute to a more geopolitically mature and strategically autonomous Europe. Mitsotakis also called for more ambitious EU-level initiatives, such as a European Investment Fund dedicated to strategic defense projects like a unified missile defense system. The initiative reflects Greece’s active role in shaping European defense policy amid rising geopolitical challenges.

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