Finance
Greece approves purchase of air defence system, upgrade of F-16 jets
Published by Global Banking & Finance Review®
Posted on March 16, 2026
2 min readLast updated: March 16, 2026
Quick Summary
Greece’s parliamentary committee has approved a roughly €3 billion Achilles Shield multi-layer air‑and‑drone defence system and a €1 billion upgrade of 38 F‑16 Block 50s to Viper standard, totaling about €4 billion in outlays.
Greece Allocates €4 Billion for Air Defence System and F-16 Jet Upgrades
Parliamentary Approval and Defence Modernization Plans
Multi-Layer Air and Drone Defence System
ATHENS, March 16 - A Greek parliamentary committee approved on Monday the purchase of a three-billion euro multi-layer air and drone defence system and the upgrade of 38 F-16 fighter jets, with the total cost estimated at about 4 billion euros ($4.6 billion), two sources told Reuters.
Greece is already in talks with Israel to provide a big part of the missile systems for the dome, called "Achilles Shield" with an estimated cost of about 3 billion euros.
Parliamentary Committee Approval
"The parliament committee approved the project and also the upgrade of the F-16s," said a senior source with direct knowledge of the issue. The session took place behind closed doors.
F-16 Fighter Jet Upgrades
Details of the Upgrade
Greece plans to upgrade an additional 38 F-16 Block 50 jets, dating back to the 1990s, to the modern "Viper" version at an estimated cost of about one billion euros, the source added.
A second person confirmed the information.
Current F-16 Fleet Status
Greece has a fleet of about 150 F-16s and has already upgraded about 40 of them.
Long-Term Defence Spending and Additional Approvals
Modernization Budget and Strategic Context
The Greek government has said that it plans to spend in total about 28 billion euros ($32 billion) by 2036 to modernize its armed forces as it emerges from a 2009-2018 debt crisis and tries to keep pace with its historic rival Turkey.
Further Approval Requirements
The new purchase will also need to be approved by the country's top decision-making body on foreign affairs and defense matters, KYSEA.
Other Military Upgrades
The committee on Monday also gave the green light for the upgrade of four old MEKO 200 frigates and a maintenance agreement for C29J military transport aircraft.
Exchange Rate and Reporting Credits
($1 = 0.8718 euros)
(Reporting by Lefteris PapadimasEditing by Tomasz Janowski and Peter Graff)
