Development Minister Takis Theodorikakos referred to the government’s measures to curb profiteering and stabilize market prices during an interview on SKAI 100.3.
As he emphasized, the government has taken “very interventionist measures, the likes of which no Greek government—or any other European country—has ever taken before,” noting that the cap on profit margins extends across the entire market chain: supermarkets, wholesalers, and the food industry.
“Since the day this measure was imposed, 2,000 product codes have seen price reductions, with an average decrease of 5%,” he said, explaining that the reductions were made because, if companies had kept prices at the same levels, they would have exceeded the previous year’s profit margin and faced fines from the independent authority. “So, the measure we took has paid off,” he added.
He emphasized that the government does not want the measure to be permanent, as it believes in “a free, fairer, and healthily competitive market.” He added, however, that healthy entrepreneurship must contribute to the collective effort: “Businesses must do their part and reduce their average profit margin at this time, because everyone needs to realize that there is a significant segment of society that is struggling tremendously.”
Regarding Monday’s meeting chaired by the prime minister, with the participation of representatives from industry and retail, the Minister of Development noted that the discussion is taking place “at the highest level,” with the aim of achieving price reductions on basic consumer goods. “What we are now calling for as a government is a reduction in prices for basic goods and the achievement of an agreement to lower these prices, so that ordinary citizens—the average Greek family—can feel the impact as much as possible when they go shopping at the supermarket,” he said.
Regarding the fuel price cap, Mr. Theodorikakos said: “The international price of oil is approaching roughly where it was before the war began. We are moving toward a definitive de-escalation of the conflict. The measure by the Ministry of Development that capped the profit margin on fuel expires on June 30, and we do not intend to renew it,” noting that he has discussed the matter with Prime Minister Kyriakos Mitsotakis as well as Finance Minister Kyriakos Pierrakakis.
He then referred to the inspections conducted by the Independent Authority for Market Surveillance and Consumer Protection, noting that they are ongoing and are not limited to store shelves but cover the entire supply chain. “Everything and everyone is being inspected. The independent authority is already monitoring large wholesale companies,” he emphasized, pointing out that the authority recently imposed a fine of 3 million euros on a major multinational corporation and adding that, in addition to the fines, the damage to a company’s reputation when it violates the law is also of great significance.
Responding to a question about Alexis Tsipras and his proposals on tax policy, the Minister of Development raised the issue of political credibility and emphasized that: “First of all, I would expect a clear statement regarding the four years he governed Greece, when the middle class groaned under the weight of brutal overtaxation.”
He added that “trust in politics is hard to earn and easy to lose” and emphasized that the government is pursuing a policy that reduces tax evasion, has led to 83 tax cuts, and allows for debt reduction while also supporting the middle class, families with children, young people, and retirees.
Finally, referring to the political dilemma of the upcoming elections, he noted that the choice will be: “Whether we will continue with New Democracy and Mr. Kyriakos Mitsotakis, with even better results, for an even more productive economy and a Greece that will continue to be safe, or whether we will return to the experiment described by Mr. Tsipras through his political tenure in government from 2015 to 2019.”