Troika Presses Greece To Cut Defense Industries

ATHENS - Faced with a looming budget gap that could be five times more than what Greece has estimated, international lenders are pressing the government to close two defense industries or significantly reduce their workforce and costs. The government is eager to save its Hellenic Defence Systems (EAS) ? weapons and ammunition producer ? and the Hellenic Vehicle Industry (ELVO) and has offered a plan to reduce their costs. But the Troika rejected the plan that aimed to overhaul EAS, citing the industry?s weak presence in international markets, and insisted the government reduce its workforce from 900 to 341. The Troika said it is not possible to save the two industries, describing them as a drain on government coffers with a reputation of inefficiency.

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