Greek Prime Minister Kyriakos Mitsotakis reassured the Wall Street Journal that inflation and market turmoil will not derail the country’s economic stability. While acknowledging the pain of rising living costs, he emphasized that Greece’s fiscal balance will remain intact. Mitsotakis admitted that recent wage hikes have been offset by the affordability crisis but set a goal for economic growth to outpace the Eurozone by at least double if re-elected in 2027.
Reflecting on Greece’s progress since the debt crisis, Mitsotakis highlighted the country’s rapid debt reduction, primary surpluses, and restored market credibility. He noted that Greece is borrowing at lower interest rates than four out of seven G7 countries, a stark contrast to its struggling past. Despite these achievements, he acknowledged that wages remain relatively low and disposable income has been eroded by inflation.
Mitsotakis emphasized the need for diversified economic growth beyond tourism and real estate, pointing to sectors like renewable energy, agri-food, pharmaceuticals, and tech. He also addressed the social contract between Greeks and the state, stressing the importance of trust and accountability after years of austerity and populist promises that prolonged the crisis.
Looking ahead, Mitsotakis warned against overpromising and underdelivering, which he said destroys trust between the government and citizens. He advised other European countries facing fiscal challenges to prioritize stability and reforms, citing Greece’s experience as proof that difficult reforms can yield long-term benefits.