Greece fact of the day
What depresses us is how little attention has been paid to one major area of Greek government spending that seems ripe for the ax: defense spending. Greece spends a whopping 2.2% of GDP on defense, more than any NATO member-state save the United States and France. Bringing Greece into line with the NATO average would alone achieve ¾ of what the IMF is demanding through pension cuts.
There is more here from Benn Steil and Dinah Walker. And here is further discussion of the issue.