Greece will cut military spending by 15 percent in 2010 and by 10 percent through to 2015 in a bid to reduce the Greek deficit.

The decision was announced after a meeting between Prime Minister Costas Karamanlis, his ministers of defence and foreign affairs, and top military officials.

Greece could save in excess of 1 billion euros as a result of the cuts, according to the Greek Prime Minister Costas Karamanlis.

“The money (saved) will be used for social programs,” said Greek Defence Minister Vangelis Meimarakis.