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Greek Defense Ministry to Generate €1.5 Bln a Year from Army Property

per290515The Greek Armed Forces wealth exceeds 32 billion euros in real estate property and the Defense Ministry has a plan to generate 1.5 billion euros per year in revenues by utilizing it.
According to estimates by Defense Minister Panos Kammenos, the Greek Armed Forces property amounts to 32 billion euros and all that wealth produces revenues of just 1.1 million euros annually.
The Defense Council that convened under Kammenos has decided to formulate a plan to take advantage of that property to generate revenues of 1.5 billion euros annually.
Talking to the press, the Defense Minister said that the revenues will be used for the benefit of the Greek Armed Forces staff. No property will be sold but will become available for long-term leasing.
The Greek Armed Forces real estate properties include large pieces of land, airports, airstrips, as well as many vacant buildings and army camps. Many of them are prime locations in islands and can be used for tourism purposes, while others can be farmed or used as renewable energy sources. Airports and airstrips can be used as commercial airports, private training facilities or for car races.

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