«The next decade must be a decade of boldness, a decade of investment, a decade of technology, a decade of production. All we need to do is continue to believe in our potential and in ourselves,» stressed Kyriakos Pierrakakis, Minister of National Economy and Finance and President of the Eurogroup, at an event organized by the Economic Chamber of Greece at the «Ioannis Vellidis» in Thessaloniki.
«All we need to do is continue to work with dedication, confidence, and a clear plan. As a country, we were not born to merely watch history unfold. Greece is a country that has shaped history. And in this new and exciting era that is emerging, we must once again be at the forefront. Thessaloniki can do it, Greece can do it, and the Greek people deserve it,» said Mr. Pierrakakis, adding:
«I belong to a generation that has been handed the bill it is called upon to pay, and I believe there is great value in not passing that bill on to your children.».
Mr. Pierrakakis conveyed the message that Greece has left the period of survival behind and is entering a new phase of productive reconstruction—a country that, as he said, is shifting from consumption to production, from crisis to growth, and from managing problems to creating new opportunities, emphasizing that we must not return to the past, and added:
«And in this new era, Greece has two choices. Either it will move forward with confidence, speed, and a strategic plan, or it will constantly look at itself in the mirror and remain isolated. Our country has paid a very high price for the era of easy populism.
In times when politics was presented as a spectacle, not as substance. We have no right to go back to the past. We must secure what we have achieved, shield it, and make it irreversible…. Today, perhaps for the first time in many years, we have the conditions for something much greater than simply the recovery we were striving for 7, 8, or 10 years ago. We can achieve a major transformation. For the first time in many years, we are not discussing matters in terms of mere survival. We are discussing them in terms of a genuine and realistic vision.».
The minister referred to the unstable geopolitical environment and the crises, emphasizing that the country «has managed to stay afloat,» and added:
«The difference is that this time there was a plan, a compass, stability, and there was also leadership. There was political will to change things that, for decades, we had considered impossible to change.».
Kyriakos Pierrakakis noted that in Europe, too, within an international environment of fierce competition, significant changes are needed «within a very short timeframe,» whether they concern defense, the management of savings to boost investment, or competitiveness. He added that today «Greece is at the forefront of this discussion» and «is not merely present in the room,» because «for the first time in years, it is viewed internationally as a credible country,» and he added:
«And this is of enormous importance, because credibility is a national asset. It is hard to build, but easy to lose… A weak economy can hardly support a strong foreign policy or a credible defense…. Greece’s position today is stronger. It is stronger precisely because its economy is stronger. Precisely because it has restored its credibility. And because it can now combine fiscal stability, growth, its energy significance, and its strategic position into a comprehensive and coherent national strategy.».
The minister responded simultaneously to the opposition’s criticisms regarding early repayments of public debt and the strategy for reducing it.
«Public debt has been falling at the fastest rate on the planet for the past few years,» said Mr. Pierrakakis, noting that 26.5 billion euros have already been repaid, while additional early repayments totaling 19.5 billion euros are planned.
«Every billion we pay off results in savings of 30 million euros. We have repaid 26.5 billion euros.».
The minister also addressed the issue of 2032 and the projections for additional debt-service costs of approximately 30 billion euros. «Through early repayments, we have already saved over 800 million in interest, and we will make another 19.5 billion in early repayments. In practical terms, this means we will have secured our position through 2032.».
«I would also like to say that, by defusing the debt bomb in this way—which we all expect to explode in the hands of the country and in our own— we are becoming the first government to lift this burden from the shoulders of future generations. And let me say that this is a truly great legacy. The country is changing.».
Kyriakos Pierrakakis cited the banking system as a prime example of change. As he noted, in 2019, credit expansion to the private sector was negative by 0.4%. In contrast, he noted, Greece is currently recording one of the highest rates of credit expansion in the Eurozone.
«According to data from the European Central Bank for the period from 2022 to 2025, Greece had an average annual rate of credit expansion to businesses of 10.9%.».
The minister linked this factor to the economy's potential for growth and noted:
«This is the difference between an economy that is merely struggling to survive and one that has regained the ability to finance its own growth.».
Kyriakos Pierrakakis spoke of «the major transition the country is undergoing and must complete,» comparing key economic indicators with those of 2019.
«In 2019, Greece was a country that was still trying to heal its wounds. Investment in the European Union averaged 21% of GDP. Greece stood at 11%,» Mr. Pierrakakis noted, adding: «If we look at investment, we’re at 17% of GDP. We haven’t covered the entire distance yet, but we’re making progress… Unemployment stood at 17% in 2019. Today, unemployment is at 8% and is heading toward a historic low.»
The minister argued that Greece is gradually shifting from a consumption-based model to one focused on production and outward orientation. According to the data he cited, exports now account for 42% of GDP, while the European average stands at 51%.
«We’ve come a very long way. We’re not there yet. The model is changing. It hasn’t changed completely yet….For the first time in many years, Greece isn’t discussing how to consume even more. It’s discussing how to produce more—how to create greater value and how to transform knowledge into productive capacity.».
The minister described the current era as the greatest technological transition since the Industrial Revolution, driven by artificial intelligence, which «will change economies, societies, power balances, the way we produce, the way we work, and the way states operate,» and added: «Greece must be at the table, participating and exerting influence. It must become a hub for digital services and innovation in our region.».
Mr. Pierrakakis placed particular emphasis on the digital transformation of the government, noting that »gov.gr” now offers more than 2,200 services digitally and
According to him, the next phase involves the widespread adoption of artificial intelligence throughout the country «everywhere—in healthcare, education, the justice system, public administration, and business.».
The minister made special mention of the projects in Thessaloniki and Northern Greece, arguing that the city could become a hub in the region’s new economic landscape.
He listed a number of projects currently underway, including the metro, the Flyover, the port upgrade, the new pediatric hospital in Fillyro, and the TIF redevelopment plan, and added:
«In Central Macedonia, projects totaling 103.4 billion euros are currently underway, comprising 856 different projects.».
Fanis Gregoriadis
