“No citizen, household, or business will be left to face the crisis alone. If needed, we have the arsenal to deal with the consequences. That said, we are not there yet,” said Finance Minister and Eurogroup President Kyriakos Pierrakakis.
The minister clarified that the government does not currently see the need to take additional large-scale measures, but sent a clear message of readiness. He emphasized that all measures from the 2022 “toolbox,” established after Russia’s invasion of Ukraine and the resulting energy crisis, remain available.
Speaking at the Invest in Greece Summit 2026, Pierrakakis discussed the impact of energy developments on the economy and citizens’ daily lives, noting that the government is closely monitoring international developments and retains the institutional and fiscal “arsenal” built in previous years to manage crises. He stressed that the goal remains ensuring economic stability, supporting households and businesses if needed, and strengthening Greece’s growth potential amid a highly uncertain international environment.
He specifically mentioned the possibility of disruptions in the Strait of Hormuz, noting that a prolonged scenario there could have significant economic repercussions. This directly links geopolitical risk to potential economic intervention, highlighting that the finance team is closely monitoring both fuel markets and international geopolitical developments.
Pierrakakis also addressed the broader European context, noting that he sent a letter to European Council President António Costa, focusing on issues such as the Union of Savings and Investments, deeper capital markets, and the digital euro.
According to him, Europe can no longer operate at the pace of the past, in a context of continuous crises ranging from the pandemic and inflation to the war in Ukraine and tensions in the Middle East. As he stated, the era of geopolitical innocence is over, and the European economy must be both resilient and growth-oriented.
Regarding fiscal policy, he effectively ruled out any easy revival of the 2022 general escape clause, stressing that Europe now operates under the new fiscal rules framework. This means, according to him, that any new measures must fit within the existing spending rule alongside other national policy choices.
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