Greece: French-made jets, upgrades will cost $2.8 billion

Greeces government said on Thursday that it will pay 2.32 billion euros 2.8 billion for the purchase of French-made Rafale fighter jets and an upgrade of compatible missiles, under a major military overhaul amid tensions with neighbouring Turkey.

Greece's government said on Thursday that it will pay 2.32 billion euros ($2.8 billion) for the purchase of French-made Rafale fighter jets and an upgrade of compatible missiles, under a major military overhaul amid tensions with neighbouring Turkey. Delivery of the 18 jets will begin in mid-2021 and be completed over two years, government spokesman Stelios Petsas said.

Greece has earmarked 11.5 billion euros ($14.1 billion) to modernise its armed forces over five years amid deteriorating relations with NATO ally Turkey over offshore energy rights in the eastern Mediterranean. The Rafale jets will include 12 aircraft currently in service with the French military and six new planes to be built by Dassault Aviation.

"This action will shift the balance of forces in the air," Petsas said, without making any direct reference to Turkey. Turkey, with a burgeoning domestic weapons industry, outspends its much smaller neighbour — and historic regional rival — by about 5-to-1 in defence but has a smaller advantage in fighter-jet capability than in other areas of the military.

As part of the airforce upgrade, Greece will also purchase Meteor air-to-air missiles, compatible with the Rafale jets..