"The Greek F-16 had been dispatched to intercept the Turkish jet because it had violated Greek airspace, the ministry said.
Both fighter jets were maneuvering around each other in a mock dogfight when the crash happened around 1 p.m. (6 a.m. ET) about 12 miles off the coast of the Greek island of Karpathos, the ministry said.
Italy's Corriere della Sera carries a short story on it - apparently the crash happened near Karpatos island, three 'pilots' were involved, of whom 1, a Turk, has been rescued by rescue services. The other 2 pilots are one Greek, one Turk.