Greece’s Minister of National Economy and Finance, Kyriakos Pierrakakis, showcased the country’s strong economic recovery and fiscal achievements during his address at the Spring Meetings of the International Monetary Fund (IMF) in Washington.
Speaking on a panel titled “Paths to Success,” Mr. Pierrakakis emphasized that Greece’s economic rebound has been “impressive,” citing a primary fiscal surplus of 4.8%, an overall surplus of 1.3%, and a growth rate of 2.3%, which is above the Eurozone average.
He also noted that public debt has fallen by 60% compared to 2020 levels.
“These outcomes are the result of prudent fiscal policy and deep structural reforms,” he said, adding that maintaining fiscal responsibility remains a key priority. “We have no intention of shifting the burden onto future generations, as was done in the past.”
The minister also pointed to the improved health of the banking sector, which is now capable of supporting the real economy, and noted the return of skilled Greek professionals from abroad—a phenomenon he described as “brain re-gain.”
“Greeks are coming back because we endured the cost of reform. Now we are reaping the dividends. We’ve internalized the lessons of the crisis, and we are ready to move forward,” Mr. Pierrakakis told the audience.
International counterparts praised Greece’s progress, with several referring to it as a “success story.” Greece was the only OECD country invited to participate in the discussion, underlining its transformation into a model of effective economic governance.
Speaking separately to Greek state broadcaster ERT, Mr. Pierrakakis revealed that IMF loans have already been repaid three years ahead of schedule, and that Greece now aims to pay off loans from its first bailout program ten years early.
“This is not just a scenario, it’s becoming a reality,” he said. “Reducing debt means that primary surpluses can reach society more effectively.”
Asked about Greece’s debt profile, he said that current forecasts indicate a sharp decline, bringing the country closer to shedding its status as Europe’s most indebted nation.
“If we maintain our current pace and performance, we won’t hold that title for much longer. Debt has already fallen steeply—just yesterday it was announced that we’re at 153% [of GDP] for this year,” he added.
