Greece spent $13.9 billion on defense in 2009. The deficit is around $36.5 billion.

Making peace with the Turks is quick way to allow the Greeks to cut military spending, and pour that money into the budget deficit hole. Greek military spending is by far the highest in the EU. In 2008, Greek spending was 3.6% of GDP.  The highest in the EU.  The second highest was the UK at 2.5% of GDP.  By way of comparison, Spain spent 1.2% of GDP in the same period.  Cutting Greek spending to Spanish levels would return around $9 billion in funds to be spent.

Well, maybe austerity has had one benefit.  

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg