Deputy Minister of National Economy and Finance Nikos Papathanasis spoke about the measurable results of the economic policy pursued since 2019, with its fiscal targets and social focus, and the tools that will continue to finance growth. He was speaking at the 6th International Conference organised by the Association of Greek Financial Economists, where he represented the Prime Minister.
Mr Papathanasis highlighted international liquidity and stressed that markets “price in” fiscal credibility and political stability above all. This is where Greece stands out. No longer a problem for Europe, as it was 15 years ago, it is now one of the anchors of its stability. One indication is that Greece now borrows at lower yields than France and Italy.
“Think about that. The country that was once the symbol of the eurozone crisis now has lower bond yields than two of the EU’s founding members. This is no accident. It is the result of choices: consistent primary surpluses.
Full compliance with the new European fiscal rules and our agreed spending path. Early repayment of the bailout loans. A debt profile with an average maturity of 17 to 18 years and an average interest cost below 1.8%. And a government with a clear mandate and a stable majority. In a turbulent world, stability is not a slogan. It is a competitive advantage. And Greece has it.”
The Deputy Minister highlighted progress on key indicators. Growth is set to reach 2% this year and 2.3% in 2027, continuing at more than twice the European average. Investment is expected to reach 18% in 2026 and exceed 18.5% in 2027, up from 11% in 2019 — the largest increase in the EU. Unemployment has fallen to 7.4% from 17.5% in 2019, with more than 600,000 jobs created.
Public debt as a share of GDP is projected at 136.7% in 2026 and 128.8% in 2027, with a target of 120% in 2029, down from more than 200% in 2020.
“Growth needs financing. And here Greece has built something unique: a deep, diversified set of funding tools that work together,” he said, citing specific figures:
- Recovery and Resilience Facility (RRF): Greece secured 36 billion euros — about 16% of GDP, the highest share among member states. We have completed all the milestones and payment requests, and expect to receive 100% of the funds allocated to us.
- NSRF 2021–2027: A programme worth about 26 billion euros. More than 17,600 business investment projects worth nearly 4 billion euros have already received funding, placing Greece among the leading member states in fund absorption.
- National Development Programme 2026–2030: About 23 billion euros, including current commitments, to fund infrastructure, energy, water and digital projects not covered by EU funds.
- Hellenic Development Bank (HDB): It has approved more than 60,000 loans worth 10.5 billion euros.
“The Recovery and Resilience Facility is coming to an end. But Greece’s investment momentum is not,” he said, referring to the tools that will finance growth in the years ahead.
- Continuation of the NSRF 2021–2027: About 19 billion euros remains to be invested by 2029, redirected towards the priorities of the mid-term review: competitiveness, defence and industrial capacity, water resilience, housing and energy.
- Social Climate Fund: More than 5 billion euros for Greece to protect households and small businesses during the green transition.
- Modernisation Fund and Islands Decarbonisation Fund: About 1.7 billion euros for storage, grids and interconnections, alongside 2.3 billion euros for the islands. This will structurally reduce energy costs. Greece is already a net exporter of electricity; our aim is to become the region’s energy hub.
- Enhanced National Development Programme: We have allocated 23 billion euros for 2026–2030, more than double the amount for 2021–2025.
- New EU Multiannual Financial Framework (2028–2034): It is likely to be agreed in the second half of 2027, when Greece holds the Presidency of the Council of the EU. Our planning already starts from about 49.5 billion euros.
“Add it all up, and the national and European resources available to the Greek economy in the coming years exceed 100 billion euros. A funding pipeline for a decade,” he noted.
“We have stability — political, fiscal and financial. We have growth — at more than twice the European rate. And we have the funding to sustain it. But credibility is an asset you earn every day. That is our commitment: prudence in our public finances, ambition in our investments. Your job is to turn capital into growth. Ours is to ensure that Greece remains the place where you can do that,” he concluded, addressing the conference delegates.