At a time of intense geopolitical upheaval and uncertainty, Finance Minister Kyriakos Pierrakakis highlighted Greece’s role as a model of adaptability and reform resilience, presenting five key lessons that—as he argued—Europe can draw upon.
Speaking at a dinner at the Athenian Club as part of the 3rd Maritime Security Conference, the minister emphasized that the international landscape has changed drastically, with geopolitics making a strong comeback to the forefront, overturning decades-old assumptions.
Mr. Pierrakakis noted that his generation grew up believing that globalization and technology would diminish the importance of geography. “We were wrong,” he admitted, pointing out that today the global economy is shaped by the shift of power toward the East, the spread of influence beyond nation-states, and rapid technological acceleration.
He placed the Strait of Hormuz at the center of the current crisis, warning that a prolonged closure could lead to the greatest energy crisis in history, with repercussions extending beyond oil and natural gas to critical raw materials and products.
The minister highlighted the need for a “dual mindset” in policymaking: on the one hand, the implementation of pending “obvious” reforms, and on the other, the ability to respond immediately to unforeseen crises.
As he noted, governments are called upon to simultaneously manage unresolved issues from the past and successive crises —from pandemics to wars—in an environment that, as he put it, resembles a “science fiction scenario.”
Five lessons from the Greek experience
Mr. Pierrakakis argued that Greece’s trajectory in recent years offers valuable lessons for Europe:
Fiscal adjustment and growth: Greece, once a model of crisis, now shows strong primary surpluses and rapid debt reduction, combined with growth above the European average.
Digital transformation: From one of the most bureaucratic countries, Greece now provides over 2,200 digital services, with the goal of fully digitizing the state in the coming years.
Energy strategy: The transformation of the Public Power Corporation (PPC) into a major energy player and the shift toward renewable energy sources strengthen the country’s geopolitical position.
Utilization of European funds: Linking Recovery Fund resources to specific reforms, he said, is a model of effective policy.
A shift in mindset: The consolidation of fiscal discipline and the assumption of responsibility by the younger generation signal a deeper transformation of Greek society.
European sovereignty and technology
He placed particular emphasis on the need for Europe to redefine the concept of sovereignty in an interdependent world, stressing that complete autonomy is not realistic. Instead, he proposed strengthening strategic sectors where Europe can develop competitive advantages, such as energy and artificial intelligence.
He cited as an example the failure to capitalize on the opportunity in 5G networks, where European companies such as Ericsson and Nokia could have become global leaders if there had been a unified European strategy.
The “dividend of the obvious”
In closing, the minister returned to the concept of the “dividend of the obvious,” emphasizing that implementing reforms that for years were considered self-evident can yield significant results.
“If you can do it in Greece, you can do it anywhere,” he noted, referring to the so-called “Frank Sinatra doctrine,” and called on Europe to act more decisively both in completing pending policies and in addressing new, unforeseen challenges.