The election of Kyriakos Pierrakakis was not a surprise to those “in the know,” but it was by no means guaranteed. The Minister of Finance — and as of tomorrow, President of the Eurogroup — made sure to operate under the radar and secure crucial alliances with key countries in order to lock in the required majority during the so-called “intention to vote” phase and ensure his election.

Kyriakos Pierrakakis unanimously elected President of the Eurogroup

Two factors clearly played a decisive role:
• Greece’s strong comeback story, which European officials view as a measurable success, and
• Belgium’s refusal to “unfreeze” Russian assets held in its banking system — a stance that has caused serious friction with other EU countries.

It was not at all accidental, therefore, that the German Vice Chancellor and Finance Minister Lars Klingbeil openly endorsed Pierrakakis, noting that this position had been coordinated with Chancellor Merz.

Greek Prime Minister Kyriakos Mitsotakis also played a behind-the-scenes role, holding direct discussions with European leaders. Just days earlier, he had hosted a dinner in Athens for EPP President Manfred Weber. During the crucial hours before the vote, Mitsotakis sent his close collaborator, the Secretary for International Relations of New Democracy, Tasos Chatzivasileiou, to Brussels to support Pierrakakis’ team, particularly within the EPP.

The voting process

Pierrakakis entered the vote with “promissory commitments” for 13–14 votes. According to reports, both Pierrakakis and Van Peteghem spoke for five minutes each, after which the 20 ministers of the Eurozone proceeded with a so-called “indicative vote.”

The chair of the Eurogroup, Cyprus’ Finance Minister Marios Kafkas (Keravnos), conducted the count and then called both candidates to inform them of the result. At that point, Van Peteghem withdrew — as is customary in such cases — and in the formal vote that followed, Pierrakakis was elected unanimously.

Behind the scenes of Pierrakakis’ election to the Eurogroup: The “promises” and alliances before the vote that led to Van Peteghem’s withdrawal

Photo: Moment after the completion of the vote

In the Eurogroup chamber with Pierrakakis was Greece’s Permanent Representative to the EU, Giannis Vrailas. Accompanying him to Brussels were the head of the Council of Economic Advisors, Zafeira Kastrinaki, his aide Maria Diamanti, and his diplomatic adviser Stratos Efthymiou.

See photos from the session and the election of Kyriakos Pierrakakis: