I always understood it to be 'aeroporia ellinikas' (In cyrillic, obviously)
Given my uncle served two years in it, it might be something I might want to clear up. Hmm...
Nice thing about it is they flew a number of the 'planes in something other than Vietnam four-colour scheme. (Some they did). A number were 'Aegean Sea Blue', which really is very blue.
They have A-7s as well. Saw a clip on the web the other day (about 5 minutes long) of a massive live-fire, public ground attack display. A-7s, F-16s, Mirages, F-4s, all hauling bombs, and blowing the crap out of things. I'll see if I can find it again.
ETA: Found them. Bookmark this site. Trust me.
Here's a compilation of Greek F-4s
www.patricksaviation.com/videos.php?action=view&id=148And here is ten minutes of Greek aircraft blowing the crap out of stuff.
www.patricksaviation.com/videos.php?action=view&id=140NTM