The dirty little secret of the Greek debt negotiations

Author: Adam Button | Category: News

Unconfirmed leaked counter-offer points to major differences on military spending

Screenshots of a rumored counter-offer to Greece from the Troika shows small differences on corporate taxes and a bizarre instance that Greece doesn't tax VLT games but what stands out is military spending.

Greece spends more on its military as a percentage of GDP than Germany or France. For a perpetually-bankrupt country, it has an impressive military.

That owes to its geography and the Cold War. Naturally, its allies want strong defenses from Russia and Greece is a great place to start.

It's supposedly the IMF that's insisting on no cuts to the military.The document is a bit unclear because it looks like it's attempting to block €2.4 billion in military spending cuts but that might be some kind of typo.

Still, military spending seems like an obvious place for savings that won't hurt the broader economy.  If Germany, France, the US or anyone else wants stronger defenses from Russia, then they should foot the bill.

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