Headlines
Greece to spend more than 25 billion euros in arms procurements by 2036
Published by Global Banking & Finance Review®
Posted on March 12, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 12, 2025
2 min readLast updated: January 24, 2026
Greece will spend over €25 billion on military arms by 2036, including submarines and fighter jets, to modernize its forces amid tensions with Turkey.
By Lefteris Papadimas
ATHENS (Reuters) - Greece will spend more than 25 billion euros in arms procurements by 2036, including new submarines, drones, satellites and fighter jets, under a 12-year plan to be submitted to parliament in the coming weeks, three officials with knowledge of the plan told Reuters.
The move is part of Greece's bid to modernise its armed forces as it emerges from the 2009-18 debt crisis that led to years of austerity, and as it tries to keep pace with its historic rival Turkey.
The two countries are at odds over sea boundaries, energy resources and airspace in the eastern Mediterranean.
The new plan will build on recent reforms. Greece, a member of the European Union and NATO, already spends about 3% of its gross domestic product on defence. That is nearly double the average in the EU, which is under pressure to bolster defences as its 75-year-old alliance with the United States comes under strain.
The plan will include the purchase of four new submarines, new air, sea and underwater drones, and a communication satellite, said two sources who participated in the preparation of the plan.
Part of the money will be used to develop an anti-aircraft and anti-drone dome, called "Achilles Shield", and to pay for 20 F-35 fighter jets that have been ordered from the United States.
Under the plan, Greece will also upgrade older F-16 fighter jets to "Viper" level and upgrade four German-made MEKO 200 frigates already serving in the navy.
A third source said that the plan will include up to six new big patrol boats or corvettes, to be built in Greek shipyards.
The new plan follows already-announced plans to buy new a long-range rocket artillery system with a range of up to 300 km. Most of these will protect Greece's northeastern border with Turkey and its islands in the Aegean.
(Reporting by Lefteris Papadimas, Editing by Edward McAllister and Angus MacSwan)
The article discusses Greece's plan to spend over €25 billion on arms procurement by 2036 to modernize its military.
Greece is increasing its military spending to modernize its armed forces and address tensions with Turkey over territorial disputes.
The plan includes new submarines, drones, a communication satellite, and F-35 fighter jets.
Explore more articles in the Headlines category
