{"id":17336,"date":"2025-12-15T16:33:48","date_gmt":"2025-12-15T13:33:48","guid":{"rendered":"https:\/\/tmede.gr\/english\/?p=17336"},"modified":"2026-03-10T17:42:54","modified_gmt":"2026-03-10T14:42:54","slug":"kyriakos-pierrakakis-money-is-not-simply-available-it-is-created-growth-emerges-from-sound-strategies","status":"publish","type":"post","link":"https:\/\/tmede.gr\/english\/2025\/12\/15\/kyriakos-pierrakakis-money-is-not-simply-available-it-is-created-growth-emerges-from-sound-strategies\/","title":{"rendered":"Kyriakos Pierrakakis: \u201cMoney is not simply available; it is created. Growth emerges from sound strategies.\u201d"},"content":{"rendered":"

Kyriakos Pierrakakis: \u201cMoney is not simply available; it is created. Growth emerges from sound strategies.\u201d<\/b><\/div><\/h1><\/div>
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Greece\u2019s Minister of Economy and Finance, Kyriakos Pierrakakis, during his opening address at the second day of the 2nd International Conference TMEDE \u201cRedefining the Future Horizons: Designing Tomorrow\u2019s Sustainable Strategies,\u201d highlighted the strategic priorities that drive sustainable growth and the reforms transforming the country\u2019s productive model\u2014enhancing fiscal performance and shaping the future beyond the Recovery and Resilience Facility.
\nThe conference was organized by the Engineers and Public Works Contractors Fund (EPWCF-TMEDE) and held on December 9\u201310 at the Bank of Greece Employees\u2019 Association building in Athens. The event took place under the auspices of the Bank of Greece and the Technical Chamber of Greece, underscoring its high institutional significance and the high-level dialogue fostered by TMEDE in the critical field of sustainable development.
\nFiscal Performance and Debt Outlook<\/strong>
\nThe Minister emphasized the government’s strategic goal of attracting investment and described the current economic environment as a significant transformation that has become well-established in recent years.<\/p>\n

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“At the moment, Greece ranks among the European countries with the strongest fiscal performance,”<\/p>\n<\/blockquote>\n

he stated.
\nMinister Kyriakos Pierrakakis highlighted the rapid decline in public debt, noting that projections indicate the debt-to-GDP ratio will fall below 120% by the end of the decade.<\/p>\n

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\u201cOur goal is to ensure that Greece will soon no longer be the most indebted country in Europe in terms of debt-to-GDP,\u201d<\/p>\n<\/blockquote>\n

he noted.<\/p>\n

The Minister described this objective as both attainable and socially significant.<\/p>\n

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\u201cWe have achieved fiscal consolidation while also delivering a major digital transformation,\u201d<\/p>\n<\/blockquote>\n

Minister Kyriakos Pierrakakis said, adding that the two processes reinforce each other and citing the fight against tax evasion as a key example.
\nThe Virtuous Cycle of Reform
\nMinister Kyriakos Pierrakakis also referred to what he described as a \u201cpath of large-scale reforms\u201d that has created a virtuous cycle. He said this trajectory rests on three interconnected pillars: fiscal consolidation, a stable banking system, and structural reforms. On the latter, he noted that more than 100 reforms have been implemented across policy areas over the past six years, adding that<\/p>\n

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\u201cdigital transformation is the fundamental driver of growth for building a resilient economy.\u201d<\/p>\n

\u201cWe are on a positive trajectory,\u201d<\/p>\n<\/blockquote>\n

Minister Kyriakos Pierrakakis said, attributing the high debt accumulated before the financial crisis to Greece\u2019s previous productive model, which he noted is now undergoing change that has yet to be completed.
\nHe said the investment-to-GDP ratio has risen to 17.7% from 11% in 2019, though it remains below the European average of 21%. Exports, meanwhile, account for 42% of GDP\u2014double their 2008 level\u2014still short of the EU average of 51%.<\/p>\n

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\u201cThis is where our focus lies: bringing more investment into the economy,\u201d<\/p>\n<\/blockquote>\n

he added.
\nThe Post-Recovery and Resilience Facility Era<\/strong>
\nGreece\u2019s Minister of Economy and Finance, Kyriakos Pierrakakis, also referred to the ongoing discussion surrounding the post-Recovery and Resilience Facility (RRF) era, acknowledging the key role the Facility played in financing projects that previously lacked funding.<\/p>\n

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\u201cWe managed to cover what was necessary and move into the sphere of what is desirable,”<\/p>\n<\/blockquote>\n

he remarked.<\/p>\n

He emphasized the RRF\u2019s shift toward linking funding allocations to structural reforms and the scale of their economic impact, noting that the multiplier effects of these investments are expected to extend well beyond the RRF period.<\/p>\n

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\u201cMoney is not simply available; it is created. Growth emerges from sound strategies\u2014and from leverage, including the broader European context,\u201d<\/p>\n<\/blockquote>\n

he stressed.<\/p>\n

The Minister underscored the importance of assessing the economic impact of the co\u2011financed program funds expected to enter the economy in the coming years, noting that government policy choices play a decisive role. As an example, he referred to the measures announced by the Prime Minister at the Thessaloniki International Fair on demographic policy and tax relief:<\/p>\n

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\u201cBefore these measures, the growth forecast for 2026 stood at 1.8%. Following their announcement, the projection rose to 2.4%,\u201d<\/p>\n<\/blockquote>\n

he added.
\nMinister Pierrakakis also referred to Greece\u2019s objective of pursuing cross-border mergers and acquisitions, citing the Draghi report, which notes that EU member states often operate as if \u201cinvisible tariffs\u201d exist between them and calls for their removal.
\nIn this context, the Minister highlighted Euronext\u2019s acquisition of the Athens Stock Exchange, which integrates Greece into a broader network and expands liquidity opportunities. He also pointed to cross-border investments in the banking sector as key drivers of growth.<\/p>\n

Summarizing his stance, Minister Pierrakakis stressed that the overarching objective remains the continued transformation of Greece\u2019s productive model toward greater outward orientation, the effective leveraging of funding in the spirit of the RRF\u2014linking every euro to structural reforms\u2014and securing a substantial increase in investment inflows.<\/p>\n

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“The more obstacles we eliminate from the Greek economy and the more we uphold economic and political stability, the more robust the virtuous cycle becomes for attracting additional investment,\u201d<\/p>\n<\/blockquote>\n

he underlined.<\/p>\n

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\u201cThis represents a far more comprehensive and stable foundation than any alternative previously available to us. The difference today is that we are demonstrating -both to ourselves and to the international community- that we can deliver it,\u201d<\/p>\n<\/blockquote>\n

he concluded.
\nIn the end, Minister Kyriakos Pierrakakis acknowledged that \u201ccitizens still face hardships, challenges remain unmet, and households and businesses require support; However, the transformation underway is significant compared to what came before. We must therefore stay the course, and we will achieve much better outcomes.\u201d<\/p>\n

—<\/p>\n

Detailed program and participant information is available at:
\nhttps:\/\/future-horizons.gr\/en\/home\/<\/a><\/p>\n

The conference was supported by:<\/p>\n

Silver Sponsors:<\/p>\n

AKTOR Group of Companies, Credia Bank, Euroxx Securities SA, Interbeton<\/p>\n

Bronze Sponsors:<\/p>\n

Iolcus, Joltie, Mediterranean SA<\/p>\n

Supporters:<\/p>\n

Alumil, Arkiton AE, AS Build ATE, Cosmos AEBE, EFG Eurobank, Eldon\u2019s Hellas EPE, ETBA, Eurolamp ABEE, Grant Thornton, Green Edge, Premia Properties, Prudential, Renel IKE, Hellenic Hydroconstruction SA, ELTE EPE, EYATH, EYDAP, Kokkinis Construction Technology SA, Michael M. Tsontos SA, NAMA SA, Plethon Construction ATE, Polytechnic Reconstruction IKE, S. STASY, T&T Constructions SA, Tekal ATE<\/p>\n

Media Sponsors:<\/p>\n

ERT, Athens News Agency \u2013 Macedonian News Agency<\/p>\n<\/div>\n<\/div>\n<\/div>

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