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France pushes Greece to cede Mirage jets to Ukraine in exchange for new Rafales

— Summary

France is pressing Greece to hand about a dozen Mirage 2000-5 fighter jets to Ukraine, in exchange for a fresh Greek order of new Dassault Rafale jets, Les Echos reports on the eve of Emmanuel Macron's two-day visit to Athens. Kyiv has been asking for more aircraft; Paris, constrained by its own budget, cannot deliver directly and sees Athens as a workable intermediary.

The deal is contentious. Greece currently flies 24 Mirage 2000-5 plus 10 older Mirage 2000 EGM/BGM in storage, alongside 24 Rafale and US F-16s. Athens is reluctant to part with half of its Mirage fleet immediately, fearing a strategic gap vis-à-vis Turkey before new Rafales arrive (Mirage replacement was planned for 2030, not now). The financing question is also open: a used Mirage and a new Rafale do not have comparable price tags. Greece has already committed around 12 billion euros of its 25 billion euros defence modernisation plan through 2036, including 20 F-35s.

Only a European financing arrangement — for example Ukraine using the 90 billion euros EU loan to buy the Greek Mirages, with proceeds covering Greece's Rafale down payment — would make the triangle work. Dassault would also be expected to cut its price. Talks continue during Macron's visit. Source: Les Echos, 24 April 2026, Basile Dekonink and Anne Bauer.

— Delfineo's Take

The direct market read is on Dassault Aviation. New Greek Rafales would be positive on volume but the "real effort on the final price" Paris is asking of Dassault is the risk — a visible discount on a Greek order would re-anchor expectations on Rafale export margins across the pipeline (India additional batches, Indonesia, UAE follow-on). Watch the language of any contracts signed during Macron's Saturday visit: a unit price (or unit-equivalent headline figure) would be the first concrete data point for reassessing Dassault's export mix.

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