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Pierrakakis: Additional Fiscal Flexibility Allows Faster Energy Investments
🇬🇷 Greece /Economy & Trade

Pierrakakis: Additional Fiscal Flexibility Allows Faster Energy Investments

From Ta Nea · () Greek

Translated from Greek, summarized and contextualized by DistantNews.

At a glance

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  • Greece has been granted additional fiscal flexibility by the European Commission to accelerate energy investments.
  • This flexibility allows for investments in energy security and resilience, leveraging national escape clauses within EU fiscal rules.
  • The move coincides with Greece being removed from the EU's list of countries with macroeconomic imbalances, marking the end of a 16-year period of challenges.

Greece will benefit from additional fiscal flexibility, enabling faster investments in energy security and resilience, according to National Economy and Finance Minister Kyriakos Pierrakakis. Speaking in Paris alongside OECD Secretary-General Mathias Cormann, Pierrakakis highlighted the European Commission's decision to allow this flexibility, utilizing national escape clauses within the EU's new fiscal rules.

Green energy is undoubtedly a sector of utmost importance, in which necessary and most significant investments must be made in Europe as quickly as possible.

— Kyriakos PierrakakisThe Greek Minister of National Economy and Finance emphasized the importance of green energy investments.

"Green energy is undoubtedly a sector of utmost importance, in which necessary and most significant investments must be made in Europe as quickly as possible," Pierrakakis stated. He noted that this aligns with the International Monetary Fund's assessment that the impact of the Middle East crisis on Europe is lessened due to prior investments in green energy since 2022.

Cormann praised Greece's economic turnaround over the past five to six years, calling its fiscal and economic performance "remarkable." He attributed this success to ambitious reform policies and structural changes. Cormann congratulated Pierrakakis on the successful conclusion of his first term as OECD Secretary-General and wished him a more successful second term.

The economic forecast of the OECD confirmed the positive course and resilience of the Greek economy, while the European Commission today removed Greece from the list of countries with macroeconomic imbalances.

— Kyriakos PierrakakisPierrakakis highlighted Greece's positive economic standing and its removal from the EU's imbalance list.

The announcement comes as Greece exits the European Commission's list of countries with macroeconomic imbalances. Pierrakakis described this as a "historic decision," signaling the end of a 16-year period marked by trials and challenges for Greek citizens. He emphasized that this decision reflects "trust" in the Greek economy and society, and it is now Greece's responsibility to translate this trust into greater prosperity for its businesses and citizens.

The economic performance and fiscal course of the country is remarkable. And it is the result of ambitious reform policies and structural changes.

— Mathias CormannThe OECD Secretary-General praised Greece's economic recovery.
DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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