Greece does spend a lot of money in its military, but that's because Greece is a geopolitical hotspot. The mandatory military service, and the overall national and cultural feeling does back up the need to at least have a notable military strength and presence in the area.

It kinda feels that Greece is the closest thing to a democracy when your neighbors are Turkey, Egypt, Syria, Russia and ISIS is right next door, and Ukraine isn't exactly far away.

The issue is that the Greek governments so far were terrible at negotiating. I do really hope that the new government will secure and improve diplomatic relations especially with Albania, FYROM (Macedonia), Russia and especially Turkey. Since they are all important nations involved into making the most out of Greece's position.

Greece is also covered by the US nuclear umbrella, something that most people don't talk about nowadays. Plus, I do really doubt if anyone launched a nuclear attack to Athens that the US would actually risk American soil in retaliating. (Deterrence is such a fun thing!)

Now, I am mentioning deterrence because Greece has been in an arms race and show-off race with Turkey for quite a while, and a series of micro incidents, and quite often Greek troops and Turkish ones like to tease each other at the borders, whether on ground, sea and air.