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Investing.com -- Greece is preparing to invest over 25 billion euros in arms acquisitions by 2036, as part of a 12-year plan to modernize its military forces, according to a Reuters report on Wednesday. The plan, which is set to be submitted to parliament in the coming weeks, includes the procurement of new submarines, drones, satellites, and fighter jets.
This initiative is part of Greece’s efforts to strengthen its military capabilities following the 2009-18 debt crisis and to keep up with its historical rival, Turkey. As a member of the European Union and NATO, Greece currently allocates about 3% of its GDP to defense, nearly twice the average of the EU.
The defense upgrade plan will expand upon recent reforms and includes the purchase of four new submarines, new air, sea, and underwater drones, and a communication satellite.
The plan also involves developing an anti-aircraft and anti-drone dome, named "Achilles Shield", and the procurement of 20 F-35 fighter jets from the United States.
In addition to new purchases, the plan includes upgrades to existing equipment. Greece will upgrade older F-16 fighter jets to "Viper" level and improve four German-made MEKO 200 frigates currently in service in the navy.
The plan also includes the construction of up to six new large patrol boats or corvettes in Greek shipyards, the report added.
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