Greece-Israel: Deal worth over €3 billion for “Achilles Shield”

Greece and Israel have signed a €3.035 billion intergovernmental agreement to develop the “Achilles Shield,” a new multilayered air defence system aimed at strengthening the country’s protection against ballistic missiles, aircraft and unmanned systems.

A significant part of the project is expected to involve the Greek defence industry. Nineteen Greek companies are already taking part in the process, with contracts expected to exceed €750 million.

Greece is expected to spend a total of around €28 billion on defence by 2036.

Defence cooperation between Greece and Israel is already extensive, including joint military exercises, an air training centre in Greece and cooperation on anti-drone systems and cybersecurity. Last year, Greece also purchased 36 Israeli rocket artillery systems worth around €650 million.

The agreement is part of Greece’s broader effort to modernise its Armed Forces, with Athens planning to spend around €28 billion by 2036. This includes the purchase of 40 F-35 fighter jets from the US, as well as frigates from Italy and France.

Greece spends 3.65% of its GDP on defence, the fifth-highest share among NATO countries, behind Lithuania (5.33%), Estonia (5.10%), Latvia (4.92%) and Poland (4.68%).

Sources: Reuters, News24/7

An approximately €3 billion deal: Israel and Greece have signed the massive “Achilles Shield” agreement, under which Israel will build Greece a multi-layered air defense array based on Israeli systems architecture.

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— Ministry of Defense (@Israel_MOD) August 31, 2026