Over half Greek debt due to large arms deals!

Greece has spent 3% of gdp more than they should have done on defence for the last 24 years at least. In that period, since 1988, Greek GDP has grown from $80bn to $300bn and still spending has kept pace!

See here Greek spending as a % of GDP since 1988 –graph

See here Greek GDP growth since 1988 – graph

If Greek spending on defence had been 3% lower then well over 50% of Greek debt would not exist.

Who benefited?For those who got this far surely you have guessed! The German and french and US bankers, funds invested in Greek bonds (until now:)) and of course the German, French, US and other defence contractors as they are so euphemistically referred to!

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