Greece joins the SAFE mechanism, seeking €1.2 billion for national defense

As Prime Minister Kyriakos Mitsotakis announced via social media, these funds will be used to strengthen national defense and support the Greek defense industry, within the framework of the ReARM Europe program.

Here is the Prime Minister’s full statement:

“The defense and security of our homeland is a national cause.
For this reason, our government continues to strengthen the deterrent power and operational capabilities of the Armed Forces with planning, seriousness, and strategic responsibility.

We are making full use of the available European support tools—tools we ourselves helped shape. This includes activating the national escape clause for defense spending, which ensures us the fiscal space needed to implement the Long-Term Defense Equipment Program.

Within the ReARM Europe program, our country will take part in the new EU financing mechanism, SAFE.
Tomorrow, we will officially submit our proposal to join SAFE, seeking low-interest loans of at least €1.2 billion to strengthen our national defense and Greece’s defense industry.

Our inclusion in SAFE strengthens an already dynamic framework under the Long-Term Defense Equipment Program (LTDEP), which had been set at €28.8 billion and is now being raised to €30 billion for the 2025–2036 period.

The expansion of this defense program boosts the Greek defense and tech industry, creates significant opportunities for investment, production partnerships, and new jobs, increases the added domestic value, and leads to greater national autonomy.

Greece is actively participating in shaping European defense and security policy.

This is only the beginning. My position remains that Europe must take a leap—bolder and faster than decay.
And that it must create a European Investment Fund for critical strategic projects of public interest, such as the development of a unified European missile defense shield.

We invest in national defense because we invest in the security, stability, and future of our homeland—and in a strategically autonomous and geopolitically mature Europe.”

What is the European defense initiative “SAFE”?
SAFE (Security Action for Europe) is the European Union’s new financial tool, included in its Defense White Paper, aiming to mobilize up to €150 billion. These funds will be distributed to member states as loans to strengthen their defense capabilities through joint procurement initiatives.