The acceleration of changes in order for the Greek economy to achieve strong growth, the Minister of National Economy and Finance, Kyriakos Pierrakakis, pointed out at the Athens International Investor Summit (AIIS) on “Innovation and Infrastructure as Drivers of Growth”.

In addition, Mr Pierrakakis stressed that Greece, after a wave of reforms, is a country that embodies all the institutional virtues of a modern European economy.

The speech of Kyriakos Pierrakakis

Thank you very much, ladies and gentlemen, fine guests.

Let me welcome you to Athens here at the Athens International Investor Summit, where we stand on the doorstep of a new beginning. And what every international investor would recognize over the last six years is that a new, strong will permeates the country. It is the will to do words. It is the political will to bring a permanent change.

Because here is a country that has raised, matured and transformed during the deep eurozone crisis the previous decade. And now you see a country that has accumulated wisdom, determination and confidence to provide world investors a safe and fertile environment.

Indeed, amidst international turmoil in recent years, many countries have been under pressure and now have wounds. But Greece did more than to recover; in fact, it redefined its course. Democracy has withstood Greece in difficult times and stability returned. Our country has turned a page with bold reforms, combined with patient work, step by step, led by Kyriakos Mitsotakis and with a very robust economy management.

We have achieved stability and growth after a deep recession. We are now aiming to accelerate all the initiatives that lead the economy to a new era of strong growth. We believe that growth can increase dramatically as we follow the right path.

Greece is not just another eurozone country. After a wave of reforms, it is a country that embodies all the institutional virtues of a modern European economy. That is why we can now make the investment and make them succeed. In addition to the fact that Greece is a mature eurozone country, it can also offer international investors unique opportunities, as it is at the crossroads between Southeast Europe and the Middle East, combining modernization with certain geographical virtues.

Historical economic and cultural bonds connect Greece with its partners in a huge area, from the Balkans and the Southeast Mediterranean to the Middle East and the Arab Gulf. These links can form the basis of new and ambitious businesses. A large number of international projects and synergies between Europe and the Southeast Mediterranean already have Athens as a central player and catalyst. That is why Greece is ready to become a hub of innovation, infrastructure and sustainable development.

And while the numbers usually do not easily tell stories, I believe that if one looks at the numbers from afar – whether it is the fiscal history of Greece’s success or the history of the development of recent years – these numbers reveal a strong narrative. Because the main title in the difficult decade of the recession was that Greece created one deficit after another, that we could not limit tax evasion, that we were a very bureaucratic country.

And in the last six years, we have managed to be one of the six countries of the European Union that have a surplus. Only six of the 27 EU countries today have a fiscal surplus. And at the same time, this surplus was reinforced by the incorporation of digital technologies into our economic systems, which have greatly allowed us to limit tax evasion.

So we have a story of fiscal success, we have a digital success story. Our debt decreases quickly. We are at high levels at 153.5%.

But if one looks at the scale and speed of reducing our national debt, it can see that Greece will soon not be the EU’s most over -indebted country in debt to GDP. And at the same time, our growth at 2.3%is much higher than the EU average.

Having said all of the above, we have to look deeper and farther away. We are still on the path to transforming our financial system. Because, yes, we have succeeded, yes, we have succeeded. If you look at our energy system, the transition to green forms of energy proceed, we make many investments in the energy sector.

But at the same time, if one looks at the financial model that failed and led us to the crisis around 2008–2009, it could focus on two parameters.

One was the investment as a percentage of GDP, which was low. When we took over in 2019, GDP investments were at 11%, with the EU average being 21%. Where are we now? At 15.3%. And this course has the right direction. We want to move faster, we want to move forward, we understand that there are opposite winds to the economy, but we want to create favorable winds.

And Greece can create these favorable winds. And this is, in fact, the political will of this government and the mentality of the Greek people to achieve it.

The second example I would like to mention is exports as a percentage of GDP. 2008 was at 20%. They are now at 42%, with the EU average at 51%. So, have we changed? Yes. Do we plan to change more? Absolutely. And we can do it.

I will also mention two examples to show the mentality of this government and Greece as a whole against investment. Two very recent examples discussed at Ecofin at European level. The first is Euronext’s decision to make a proposal for the acquisition of the Athens Stock Exchange and thus make Greece the eighth country in Europe involved in the Euronext system. And the second is Unicredit’s proposal to get a share of Alpha Bank, a steady share.

And to make the comparison with other European countries in relation to this decision. In Europe we are very talking about the union of savings and investment, but this government deeply believes in Faulkner’s saying: “Show, don’t say.” And that’s exactly what we are trying to succeed, to show. We try to lead by giving the example.

We are open to the conclusions of the Draghi and Letta reports, which are essentially talking about the obstacles that still exist between the Member States of the European Union. These obstacles are visible, you know very well you investors. We need to eliminate them so that we can release Europe’s full financial potential. We haven’t done it. We have to do it very quickly. And therefore, Greece has further dynamic in this direction.

Because on the one hand there are projects, there are opportunities that we have not used for years. At yesterday’s dinner I used analogy: that Greece has always had the equipment, but lacked the software. The software is the appropriate institutional parameters, the appropriate institutional framework to release this complete financial potential. Proper policies, political stability, economic stability, appropriate policies in every area of ​​the economy. This is what we are trying to achieve in recent years and thus accelerate growth.

And at the same time, we are trying to be a constructive voice on the table at European level so that we release this complete potential on a pan -European scale and size. All of this is achieved and all this can be reflected through the policies and decisions of this government.

In closing, the evolution of the Hellenic Society for Holdings and Property in the Development Fund and the further institutional shield, the decisions and the development of the potential of this organization are critical to us. It is part of the march towards a comprehensive Sovereign Wealth Fund for Greece. This can be part of our development history. It can indeed become a catalyst for what we want to achieve in the coming years. And that is why this government fully supports the initiative.

We are on a course of development and we want to walk on this road with us, on our side. And we believe that very significant results can be achieved and will be achieved.

Thank you very much.