Greece calls on the EU to establish a €100B fund for its defense.

Greek Prime Minister Kyriakos Mitsotakis, while preparing for a new EU defense strategy, has proposed creating a fund of at least €100B for the EU’s overall defense budget. Mitsotakis’ proposal follows a week after Lithuania, Estonia, Latvia, and Poland prepared a document urging the bloc to jointly raise €100B. They warned that Russia has already begun to bolster its military and is producing 200% more artillery than Europe and the US combined.

“If our union wants to remain a pillar of peace and stability, we must establish a cohesive and reliable deterrent. We must not waste time,” Mitsotakis said.

The European Commission estimates that an additional €500B investment in defense will be required over the next decade.

The Greek Prime Minister believes that this is not only a necessity but also an opportunity to ensure European strategic autonomy. However, this requires collective action on two fronts: securing a stable financing model for increased defense spending and implementing changes in Europe’s defense industry.