Koutentakis outlines ELAS economic plan, including possible VAT cut and debt repayment

ELAS is presenting its economic proposal around a three-part promise: create more wealth, distribute it more fairly and improve people’s quality of life. Fragiskos Koutentakis, the party’s economic policy chief, outlined the approach in an interview with MEGA News 104.6, while saying Alexis Tsipras would announce the program’s precise figures at the Thessaloniki International Fair.

Koutentakis said the party wanted a radical shift focused on citizens’ needs. On VAT, he left open the possibility of reducing rates, but attached a condition: retailers must pass the reduction directly on to consumers. The party is also examining lower rates for basic food items alongside strict market controls.

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More wealth production, fairer distribution of it and improving quality of life.

He argued that inflation requires targeted action across the production chain. In sectors with an oligopolistic structure, ELAS proposes placing caps on profit margins. Energy and fuel form another central part of the plan, including an immediate windfall tax on excess refinery profits. A cut in the special consumption tax on fuel, however, is not part of the current design. Koutentakis said a Digital Price Observatory would support greater price transparency.

Discussing early repayment of public debt, Koutentakis called it a sound and common financial practice. He said Greece has gradually replaced more expensive debt with cheaper borrowing since 2018, and that officials at the Public Debt Management Agency handle the process professionally. He criticized what he described as the government’s celebratory tone, saying the operation amounted to standard debt management followed by almost all European countries. ELAS, he said, would implement its program seriously if it comes to power.

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The party is committed to implementing its program seriously when called upon to govern.