Greece is attempting to position itself among Europe’s most credible fiscal performers, at a moment when the continent is searching for renewed economic direction. In an interview with Bloomberg in London, National Economy and Finance Minister Kyriakos Pierrakakis outlined a narrative of an economy “rewriting the script” — combining primary surpluses, rapid debt reduction and growth rates consistently above the EU average.
Central to the minister’s message was the government’s ambition to bring public debt below 120% of GDP before 2030, a milestone that would have seemed unreachable only a few years ago. After peaking at 210% during the pandemic, Greece is now on one of the fastest debt-reduction paths in Europe. According to ministry projections, the debt-to-GDP ratio is set to fall to 137.6% by 2026, powered by strong growth momentum and persistent primary surpluses.
Pierrakakis described the government’s new direction as “aggressive yet prudent,” stressing its commitment to early repayments. The plan to retire first-bailout obligations by 2031 — a full decade ahead of schedule — is part of this broader strategy. The minister argued that Greece must avoid “repeating the mistakes of the previous generation” by shifting burdens to the future. He noted that the country’s funding programme is now “light”, with borrowing carried out mainly through secondary-market auctions, a sign of improved market confidence.
The 2026 budget, to be submitted to Parliament next week, forecasts 2.4% GDP growth and a 2.8% primary surplus — figures which, according to the government, provide the fiscal space for targeted interventions. Among these is the recent across-the-board income-tax cut, which Pierrakakis described as “the largest in modern Greek history,” reflecting the cumulative fiscal stability of recent years.
Addressing the political calendar, with national elections due in 12–18 months, the minister insisted that the government will not pursue pre-election spending. Instead, it will maintain what he called a “virtuous cycle” of growth, employment and sound fiscal management. Policies supporting families and young people, he stressed, are feasible precisely because the country’s public finances have stabilised.
At the European level, Pierrakakis declined to comment on Greece’s position regarding the upcoming reshuffle in the ECB’s top posts, but voiced strong support for deeper economic integration. He placed particular emphasis on completing the proposed Savings and Investment Union, which he described as essential to Europe’s long-term competitiveness. He also reaffirmed Greece’s backing for cross-border mergers and acquisitions, in line with the conclusions of the Draghi report on strengthening the EU’s capital markets and industrial base.
On geopolitically sensitive issues, the minister reiterated Greece’s full support for Ukraine and the EU’s policy of utilising frozen Russian assets, while underlining the need for a “robust legal foundation.” He highlighted Belgium as a pivotal player whose consensus is crucial for any final decision and cautioned that the country “must be protected” within the negotiation framework.
Pierrakakis also addressed the proposed acquisition of the Athens Stock Exchange by Euronext, confirming the Greek government’s full support. He argued that deeper integration with Europe’s leading market infrastructure would expand liquidity, modernise the domestic capital market and strengthen Greece’s international investment profile. He pointed to UniCredit’s increased stake in Alpha Bank as evidence that global investors are already responding positively to Greece’s improved fundamentals.
The economic narrative presented by the minister is clear: a Greece on a steady path of strong growth, fiscal discipline, European alignment and capital-market modernisation. The government’s goal, Pierrakakis stressed, is to embed Greece firmly among Europe’s mature and competitive economies — not as an exception, but as a stable contributor to the continent’s financial and economic architecture.
Πηγή: pagenews.gr