Strategy Page lists the initial impact on the Greek armed forces due to the financial squeeze:
The current financial crisis in Greece has led to enormous cutbacks in government spending. The military has not been exempt. This year alone, the defense budget will be cut about a third. Over the next two years, the reduced budget will be cut another 15 percent. The army will lose 11 of its 30 brigades, but the air force has disbanded one of 16 squadrons, but kept the aircraft in service by moving them to surviving squadrons. The navy has retired some older patrol boats.
The army is apparently coping by disbanding many reserve units and retiring older tanks and equipment. There won’t be much new equipment purchased for the next few years, at least. Training will also be cut, because operating vehicles, aircraft and ships for these exercises is expensive. The reduction of training will decrease the combat capabilities of the troops. But the government does not want to dismiss lots of the 156.000 active duty troops. That will just increase the already high (approaching 20 percent) unemployment rate. It’s never a good idea to have a lot of professional soldiers among the unemployed.