Ukraine, the competitiveness of the European Union, energy, immigration, and the economy are the topics of the Spring European Council that started in Brussels, with the participation of Greek PM Kyriakos Mitsotakis. The PM emphasised that the best days of the Greek economy are ahead of us. Rising interest rates are putting pressure on borrowers, but achieving investment grade will also help reduce borrowing costs. At the same time, he said that he wants to assure all depositors that the Greek banking system is strong and depositors have nothing to worry about.

“The European Council in March will have the European economy as its main topic of interest. Greece is in a strengthened position compared to 2019, unemployment is decreasing, public debt is de-escalating and the country is a champion in attracting foreign investment. The government continues to support our weakest fellow citizens and we hope that the best days are ahead of us. There are major challenges, not only to imported high costs due to Russia’s unprovoked attack on Ukraine but also to rising interest rates. On the flip side of the coin of progress, our banks are strong. In the face of the storm of the last few weeks, I assure you that the deposits of all Greeks are strong and secured,” the prime minister said, among other things arriving at the Summit.

In order to “politicize” the debate on economic rules, Mitsotakis is seeking coordination with the countries of the European South (Italy, Cyprus, Spain, Portugal, France, etc.). In addition, the Prime Minister is expected to emphasise that the existence of rules that must be respected indisputably should not undermine the necessary investments in a number of key sectors included in the Recovery Fund, such as the green and digital transition. “The experience of extreme fiscal restraints of the past must not be repeated, as, among other things, it is counterproductive,” Mitsotakis is expected to emphasise, adding that the dialogue must be based on facts and economic data, not based on internal political calculations or stereotypical approaches that do not correspond to reality.

Proposal for the purchase of electricity

At the same time, the Greek PM will also intervene on the subject of the reform of the electricity market. More specifically, the Prime Minister will put forward the need to accelerate investments in the North-South and Western Balkan electricity networks – for this issue the Greek side has submitted a relevant proposal via non-paper to the member states and the European Commission.