Greece vows to spend $27B on armed forces overhaul centered on high-tech warfare technology
Defense Minister Nikos Dendias told parliament the overhaul will be built around a planned air defense system called 'Achilles Shield,' primarily aimed at addressing tensions with neighboring Turkey.
The two NATO members have long-standing disputes over boundaries in the Aegean Sea and eastern Mediterranean that have brought them close to war several times in recent decades.
Dendias said Greece plans to shift from traditional defense systems to a high-tech, networked strategy centered on mobile, AI-powered missile systems, drone technologies, and advanced command units — reducing reliance on conventional fleets.
The plan also includes new programs such as next-generation soldier gear equipped with sensors and communication systems, and the development of dedicated satellite capabilities to ensure secure communications during conflict.
'What we are proposing is an existential issue for the country — a complete shift in our defense approach, a total change in doctrine,' Dendias said. 'We're moving away from the traditional thinking that the Aegean is defended solely by the fleet.'
The overhaul, which will be presented to lawmakers behind closed doors in the coming weeks, also involves greater inclusion of local tech start-ups and a major personnel reorganization – merging units, closing underused bases, and addressing a top-heavy command structure.
The initiative comes as European countries ramp up military spending in response to the ongoing war in Ukraine and indications that the Trump administration wants to reduce the United States' commitment to European defense.
Greece's modernization drive — launched after years of defense cuts during the 2010–2018 financial crisis — already includes all branches of the armed forces and focuses on cooperation with France, Israel, and the United States. Prime Minister Kyriakos Mitsotakis met in Israel on Sunday with Prime Minister Benjamin Netanyahu and senior Israeli defense officials. On Wednesday, Mitsotakis dismissed calls by some opposition parties to abandon plans to buy U.S.-made F-35 fighter jets in favor of a European alternative, describing the program as an important 'long-term investment.'
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The Guardian
13 minutes ago
- The Guardian
The Guardian view on Trump's tariffs: both a political and an economic threat
Donald Trump's 1 August tariffs deadline did what it was always intended to do. It kept the markets and the nations guessing amid last-minute uncertainty. It attempted to reassert the global heft of the United States economy to take on and master all comers. And it placed President Trump at the centre of the media story, where he always insists on being. In the event, there were some last-minute agreements struck this week, few of them fair or rational in trade terms, most of them motivated by the desire to generate some commercial order. Some conflicts are still in the balance. There were 11th-hour court challenges too, disputing the president's very right to play the trade war game in this way. Even now, no one, probably including Mr Trump himself, knows whether this is his administration's last word on US tariffs. Almost certainly not. That's because Mr Trump's love of tariffs is always more about the assertion of political clout rather than economic power. Mr Trump's antipathy towards the European Union drives one example. The pact agreed by Ursula von der Leyen in Scotland last weekend underlines that the EU's aspirations as a global economic superpower exceed its actual clout. The EU could not prevent Mr Trump making European goods 15% more expensive if they sell on US markets. Nor could it stop Mr Trump getting EU tariffs on US goods withdrawn. Equally eloquent about the global balance of economic power is that Mr Trump has not been able to force China to bend the knee in the manner of the EU. China has responded aggressively to Trump's tariff threats, retaliating with tariffs of its own and blocking the sale of commodities, including rare-earth minerals, that the US most covets. Unsurprisingly, this standoff has not produced one of Mr Trump's so-called deals. Friday's deadline has been reset for later in the month. It would be no surprise if it was eventually pushed back further. Mr Trump is not imposing tariffs on the rest of the world in order to promote global trade or even to boost the US economy. He is doing it, in part, because Congress has delegated this power to him, allowing the president to impose or waive tariffs at will. He uses this power for many purposes. These include raising government income without congressional oversight and also, because tariffs are regressive, shifting the tax burden away from the very rich, like Mr Trump himself, on to the middle and working class. But economics also comes way down the field in the list of reasons why Mr Trump is wielding the tariff weapon internationally. US talks with Brazil – with which the US runs a trade surplus, not a deficit – have been hijacked by Mr Trump's grievance over the prosecution of its former president Jair Bolsonaro for trying to overturn his 2022 election defeat. Talks with India are deadlocked because Mr Trump wants to penalise Delhi for buying energy and weapons from Russia. Those with Canada have been hit by Mr Trump's objections to Ottawa's plan to recognise Palestine. The ultimate test of the policy, however, will indeed be economic. For now, financial markets appear to have decided that Mr Trump's tariffs are manageable. If tariffs now raise the cost of goods on US high streets, slowing growth and feeding inflation, as they may, the wider market response could change quickly. In that event, the mood among American voters might even shift too.
Coin Geek
an hour ago
- Coin Geek
EU sees 'crypto,' AI as risks for money laundering, terrorism
Getting your Trinity Audio player ready... The European Union's (EU) top standards-setting body for the banking sector gave its updated opinion on money laundering and terrorism financing risks, warning that digital assets remain a high-risk sector while abuse of artificial intelligence (AI) is increasing. On July 28, the European Banking Authority (EBA), the EU agency tasked with implementing rules to regulate and supervise banking across the 27-nation bloc, published its 2025 Opinion on the money laundering and terrorist financing (ML/TF) risks affecting the EU's financial sector. In it, the EBA noted a 2.5-fold increase in authorized crypto-asset service providers (CASPs) between 2022 and 2024, and that many of these CASPs 'lack effective AML/CFT systems, and some attempt to bypass regulatory oversight.' The agency also underscored the growing risk of fraud by AI, with criminals increasingly using AI to automate laundering schemes, forge documents, and evade detection. The EBA voiced concerns that financial institutions 'struggle to keep pace with these sophisticated threats,' and emphasized the need for responsible AI use and robust monitoring. 'Since the EBA's fourth Opinion on ML/TF risks was published in 2023, the financial sector has faced a dynamic and increasingly complex ML/TF risk landscape,' said the report. 'The rapid evolution of financial technologies and new financial products such as crypto assets, and the growing interconnection of financial products and services across sectors, have introduced new vulnerabilities.' The 'Opinion Report' was based on data from January 2022 to December 2024, including the responses of 52 anti-money laundering/counter financing of terrorism (AML/CFT) 'competent authorities' (CAs)—the relevant national regulators of EU nations—to a risk assessment questionnaire. The EBA has been issuing opinions on ML/TF risk every two years since 2017. The July 28 report is the fifth and focuses on the risk landscape shaped by rapid technological innovation, regulatory reform, and shifting criminal behaviors, including FinTech, RegTech, and AI. Unthinking use of regulation technology Regarding RegTech, or regulation technology, the EBA said, on the plus side, that it can 'help streamline workflows, create dynamic risk profiles and enable institutions to manage large data volumes efficiently.' It added that it also 'offers the potential for institutions to share data safely and securely.' The agency's survey found that 29% of CAs identified good RegTech practices. However, half of all CAs surveyed also identified ML/TF risks associated with using RegTech solutions, and 15% considered that the risks had increased. The EBA blamed this unfortunate statistic on the 'unthinking' use of RegTech. Specifically, the three most significant risks were outsourcing, automation without effective monitoring, and lack of in-house skills and experience. Another core area of concern for the EBA was digital assets, with the increased interconnectedness of traditional financial services providers with innovative financial services providers, such as CASPs, being of 'particular concern.' Digital currency risk remains It was the opinion of the EBA that the abuse of digital asset services for financial crime remains a key concern, a problem compounded by a surge in transaction volumes and an increase in the number of authorized CASPs in the EU. 'Between 2022 and 2024, the number of licensed or registered CASPs has multiplied by 2.5 to reach 2,525 at the end of 2024, as has the volume and average value of crypto transactions,' noted the report. As a result, 17% of CAs considered that digital asset-related risks had increased in 2024, compared to the risks identified in 2023, while 7% considered it had decreased—the remaining percentage was split 30% 'still not a risk' and 46% 'risk remains consistent.' Moreover, CAs found that CASPs 'often lacked effective AML/CFT systems and controls,' which the EBA said reflected 'a gap between regulatory expectations, legal obligations and actual practice.' This appears at first look a worrying assessment, however, when considering these stats and comments, it's worth keeping in mind that the full provisions of the EU's Markets in Crypto Asset (MiCA) regulations related to CASPs did not come into force until the end of December 2024. Thus, the changed regulatory landscape of the EU since then may make the following EBA opinion report look quite different. This was not lost on the EBA, which noted that the effective and consistent application of MiCA's 'enhanced supervisory coordination and enforcement' could address the lack of robust AML/CFT controls in the sector. In terms of specific concerns, a major one noted by the report was that CASPs and the providers of other financial services are increasingly interlinked, particularly in the credit institutions, payment institutions, and e-money institutions sectors. 'This means that ML/TF risks affecting CASPs are also spilling over into other sectors,' said the EBA. 'For example, 35% of CAs observed an increasing crossover in services between CASPs and e-money institution (EMIs), and CASPs and PIs [payment institutions] for the conversion of cryptocurrency to fiat currency and vice versa.' Despite concerns about the increasingly intertwined digital currency and legacy finance sectors, other European authorities have sought to calm fears of spillover risk from the tumultuous crypto space. In May 2023, the European Systemic Risk Board (ESRB) declared that 'the crypto market has few interlinkages with the traditional financial sector and the real economy, and none of those links are currently significant.' Meanwhile, in October 2024, the Financial Stability Board (FSB) noted that digital assets 'remain a small portion of global financial assets,' thus, the risk of infection spreading from the sector is low. A potentially more problematic finding in the EBA opinion report was that CAs highlighted a rise in fraud targeting investors in digital assets, notably 'rug pull scams,' where fake tokens lure investors before the creators vanish with the funds. Another concern related to the issuing of digital assets to raise funds, such as unregulated token sales via decentralized platforms, which can also lead to fraud and regulatory breaches. The report also noted that investigations by law enforcement authorities across EU member states showed that digital assets continue to be used as a means of transfer for terrorism financing. However, in a departure from previous opinion reports, the EBA noted that Europol, the EU law enforcement agency, had observed an increasing shift away from the prevalent use of Bitcoins towards the use of stablecoins. This tracks with a June update from the Financial Action Task Force (FATF) that stated 'the use of stablecoins by various illicit actors, including Democratic People's Republic of Korea (DPRK) actors, terrorist financiers, and drug traffickers, has continued to increase since the 2024.' In addressing some of these issues and risks, the EBA underscored the need for strong due diligence, ongoing oversight, and clear regulatory frameworks. In this regards, it noted that the complete MiCA regulatory framework applied from the end of 2024 and introduced four key AML/CFT rules for CASPs: CASPs must be authorized by an EU competent authority; CASPs and issuers of e-money tokens (stablecoins) have to ensure compliance with the EU's AML/CFT rules; issuers must ensure that they, and the sector, are not exposed to serious ML/TF risks and that they don't facilitate financial crime; and CASPs are required to include specific information on the originator and beneficiary of digital asset transfers, to make them more traceable. The EBA has also issued several 'regulatory instruments' to institutions and their supervisors that specify how the new rules should be applied at market entry and throughout the life cycle of a CASP or stablecoin, including guidelines on internal governance arrangements, redemption, ML/TF risk factors, and the authorization process. However, digital assets weren't the only innovative technology under the microscope in the report; AI was also pinpointed as an area of growing concern. Automation and AI fueling increasingly sophisticated schemes According to the EBA, criminals use AI for money laundering to automate financial schemes, conceal fund sources, and make high-risk transactions harder to detect. Perpetrators also abuse AI to generate fake documents, simulate legitimate operations, and use deepfake technologies to evade customer due diligence measures. 'Financial institutions face challenges in detecting sophisticated AI-driven attacks that are increasing in both volume and velocity,' said the report. 'Addressing these threats will require advanced technologies and specialised expertise.' In the credit providers sector, for example, CAs observed a high level of use of falsified ID cards to open new payment accounts and acquire credit, especially with online platforms. 'The scale, diversity and sophistication of fraudulent activities are previously unseen, driven by advancements in automation and AI,' warned the EBA. 'These schemes leverage AI to create highly realistic narratives that incorporate trending societal topics, making them increasingly convincing.' In its opinion, the EBA emphasized the need for responsible AI deployment, supported by robust governance, staff training, and real-time monitoring capabilities. 'Institutions must remain vigilant and adaptive in this evolving threat landscape,' added the agency. General findings and opinions More generally, the EBA noted that 70% of competent authorities reported high or rising ML/TF risks in the financial sector, which they attribute in part to weak AML/CFT controls, as well as poor governance, with firms apparently prioritising growth over compliance. Overall, the opinion of the EBA was that, as things stand, innovative technology in financing represents a net increase in risk: 'While innovation can help make the fight against financial crime more streamlined and effective, the EBA's findings suggest that the sector's drive for innovation and growth may be outpacing its ability to manage ML/TF risks, with firms in the credit institutions, payment institutions and e-money sectors particularly exposed.' When meeting this challenge, the EBA pointed again to its new guidelines, applicable from the end of 2025, which aim to harmonize standards across the EU banking and finance sector. This includes guidance on ML/TF risk assessments, requirements on transfering of funds and certain digital assets (the EU 'travel rule'), and compliance with enhanced customer due diligence provisions related to high-risk third countries. In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek's coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI. Watch: Demonstrating the potential of blockchain's fusion with AI title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Reuters
2 hours ago
- Reuters
Lebanese president steps up calls for Hezbollah to disarm
BEIRUT, July 31 (Reuters) - Lebanese President Joseph Aoun stepped up his calls for Hezbollah to disarm on Thursday, suggesting failure to do so would give Israel an excuse to continue attacks and saying the issue would be on the agenda of a cabinet meeting next week. The comments reflect mounting pressure over the issue of Hezbollah's arms, which has loomed over Lebanon since the Iran-aligned group was pummeled in a war with Israel last year. Washington wants Hezbollah disarmed - a demand echoed by the Beirut government as it aims to establish a monopoly on weapons. Hezbollah leader Naim Qassem said in a televised speech on Wednesday that calls for its disarmament served only Israel. In a speech to army officers, Aoun said the government would next week discuss Lebanon's amendments to a U.S. roadmap to disarm Hezbollah, deemed a terrorist group by Washington. Lebanon's counter proposal demands an immediate halt to Israel's attacks, its withdrawal from positions held in the south, the establishment of state control over all Lebanon and the disarmament of armed groups including Hezbollah, he said. Aoun urged all parties "to seize this historic opportunity ... and push for the exclusivity of weapons in the hands of the army and security forces". He said the government would set a timeframe to implement the steps. Shi'ite Muslim Hezbollah, backed by Tehran, was the only Lebanese group allowed to keep its weapons at the end of the 1975-90 civil war on the grounds it needed them to fight Israeli troops who occupied the south but withdrew in 2000. Hezbollah's arsenal has long divided Lebanese, with critics saying it has undermined the state and dragged Lebanon into conflicts. Washington has been pushing Lebanon to commit to disarming Hezbollah before talks can resume on halting Israeli military operations, Reuters reported earlier this week. Hezbollah has so far refused, though the group has been considering scaling back its arsenal. Addressing Hezbollah and its followers but without naming them, Aoun called on those who "have faced the aggression" to "rely solely on the Lebanese state". "You are too honorable to risk the state-building project, and too noble to provide pretexts for an aggression that wants to continue the war against us," he said. Israel killed many Hezbollah commanders and thousands of its fighters last year, while also destroying much of its arsenal. The U.S. proposal delivered in June would require Hezbollah to disarm within four months in exchange for the withdrawal of Israeli troops occupying several posts in south Lebanon, and a halt to Israeli air strikes. Hezbollah had already relinquished a number of weapons depots in southern Lebanon to the Lebanese army in line with a U.S.-brokered truce designed to end last year's war. Aoun said the proposals to be discussed next week include seeking $1 billion annually for 10 years to support the army and the security forces and plans for an international conference to later in the year to support reconstruction efforts.
