“This government has taken significant steps forward over the past five years. We will safeguard these steps and, following the same path of seriousness and national responsibility, we will achieve even more. We are not infallible, we always make improvements based on experience and best international practices. But it would be a huge shame and a waste of the sacrifices made by Greek citizens if we did not continue to close our ears to the sirens of populism,” Minister of National Economy and Finance, Kostis Hatzidakis, said addressing the Athens Investment Forum.
Hatzidakis explained that the progress made in the past 5 years is based on fiscal prudence and pro-investment policy.
Fiscal prudence, he explained, is attested to by the fact that in the period 2019-2023 Greece recorded the largest reduction in the public debt-to-GDP ratio in the European Union, by over 53 percentage points, from a high of 207% in 2020 to 153.7% of GDP this year.
“In 2028, according to the Medium-Term Fiscal Structural Program, it is expected to decrease further to 133.4%, and Greece will no longer be the EU country with the highest debt ratio,” the minister noted.
Referring to the pro-investment policy, Hatzidakis highlighted:
- The simplification of licensing, land use and environmental licensing in particular,
- The creation of a more robust banking system that will provide liquidity to the market,
- The adoption of modern labor legislation, which on the one hand protects the rights of employees and on the other supports the competitiveness of the economy.
- The more than 60 tax reductions that have been made and another 12 that are included in the 2025 budget.
- The reduction in social security contributions by 5.4 points in total, with Greece reaching the European average in this sector.
