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Greece’s Prime Minister, Kyriakos Mitsotakis, vowed to implement new tax cuts and boost investments during his visit to the Finance Ministry on Monday, where he was received by the newly appointed minister, Kyriakos Pierrakakis.
Mitsotakis stressed that additional revenue generated from efforts to combat tax evasion would be returned to citizens.
“This revenue will be given back either through tax cuts or increased public investments. Citizens should know they will see the benefits,” the prime minister said.
He emphasized that it is time for people to experience the positive impact of Greece’s macroeconomic progress while reaffirming that fiscal stability remains non-negotiable as it underpins the government’s economic and development policy.
Mitsotakis also congratulated Pierrakakis on his new role, highlighting that his visit comes in the wake of Moody’s recent upgrade of Greece’s credit rating to investment grade—a milestone he described as a “significant national success.”
He stated that “we will be judged in 2.5 years by the increase in nominal wages and the reduction in taxes.”
For his part, the finance minister acknowledged global economic challenges while reaffirming Greece’s national priorities, particularly the fight against tax evasion through advanced technological tools.
“We know how to achieve this—through new measures and a comprehensive legislative framework,” Pierrakakis said.
The Greek PM recently outlined the government’s key measures, including tax reductions, such as lowering ENFIA for properties under 500,000 euros, support for low-income pensioners and increasing disposable income through fiscal interventions worth 1.5 billion euros.
Moody’s upgrade of Greece’s credit rating to investment grade has raised expectations for tax cuts and more public investments in Greece.
Mitsotakis hopes that his government’s strong economic performance will help offset the political challenges stemming from its handling of the Tempi rail disaster, which sparked mass protests, with hundreds of thousands taking to the streets to demand justice and accuse authorities of a cover-up.
Moody’s was the last remaining major ratings agency that had continued to classify Greece as non-investment grade, placing it one notch below the investment grade threshold in its previous revision in September 2024.
The upgrade reflects Moody’s view that Greece’s sovereign credit profile now has greater resilience to potential future shocks, the agency notes.
“The public finances have improved more quickly than we had expected. Based on the government’s policy stance, institutional improvements that are bearing fruit, and a stable political environment, we expect Greece to continue to run substantial primary surpluses which will steadily decrease its high debt burden,” the agency detailed in its announcement of the Greek economy upgrade.
“Moreover, the health of the banking sector continues to improve, which limits the risk of a banking sector-related credit event that could hurt the sovereign’s credit profile,” it continued.
Related: Mitsotakis Reshuffles Cabinet Amid Public Fury Over Tempi Rail Tragedy
