There is one aspect of the Greek debt crisis, which has not been widely discussed sofar. Much nonsense has been written about how the Euro was to blame for the Greek crisis. (find an excellent rebuttal of these arguments by Stefan Collignon in the Social Europe Journal http://www.social-europe.eu/2010/03/what-conservatives-do-not-understand-about-the-euro/)

Is it because the European and American arms industries do not want to loose a good customer, that most commentators fail to mention that Greece spends excessive amounts on its military?

Could better European defence co-operation (economies of scale in division of labour and joint procurement) and an active peace policy in the region (solving the Cyprus standstill and unblocking Turkey’s accession negotiations) enable Greece to agressively cut down on its military shopping-binge? Just a thought.

Look no further than wikipedia for some base figures on this.  http://en.wikipedia.org/wiki/Politics_of_Greece:

“… Greece directs approximately 4.3% of its GDP to military expenditures, the 2nd highest percentage in Europe (behind the Republic of Macedonia).[4] In absolute numbers the Greek military budget ranked 28th in the world in 2005. By the same measure, Greek military budget ranked 6th in the Mediterranean basin (behind France, Italy, Turkey, Israel and Spain) and 2nd (behind Turkey) in its immediate vicinity, the Balkans.[5] It must be noted that Greek arms purchasing is among the highest in the world: Greece ranked 3rd in the world in 2004.? …”