Israel, Greece Sign Record €3 Billion Defense Deal for Air Defense System

Israel and Greece signed a major €3 billion defense deal on Monday, August 31, under which Israel will build a multilayered air defense system in Greece.

The agreement was formalized at the headquarters of Israel’s Ministry of Defense in Tel Aviv by Defense Ministry Director General Amir Baram and his Greek counterpart, Ioannis Bouras. The deal, dubbed “Achilles’ Shield,” provides for the export of several Israeli air defense systems to Greece, including David’s Sling and SPYDER, manufactured by Rafael, as well as BARAK MX, manufactured by Israel Aerospace Industries.

The Israeli Ministry of Defense described this as the largest defense export deal in the history of Israeli-Greek relations and one of the largest in the history of the State of Israel. Israel will also expand defense industrial cooperation with Greece, including the transfer of knowledge and technology to local industry. This agreement follows a 2021 defense agreement between Greece and Israel, which provided for the construction of a flight training academy for Greek military personnel by an Israeli company.

The current deal is valued at approximately €3 billion, which translates to about $3.4 billion, $3.48 billion, or $3.5 billion, and over NIS 10 billion. Greece is pursuing a broader military modernization program, and this deal will see Israel design and deliver a complete, multi-layered national air defense architecture for the Hellenic Republic.