![Christos Staikouras – “We recovered strongly, unemployment decreased, bankruptcies were avoided”](https://www.ot.gr/wp-content/uploads/2021/10/staikouras-3.jpg)
The Greek economy “has done well and has very positive prospects” in the “challenging” international environment, said the Minister of Finance, Christos Staikouras in a statement after the EcoFin meeting.
“We have recovered strongly, unemployment has decreased, bankruptcies have been avoided, the disposable income of citizens has been strengthened, red loans have been reduced, competitiveness has improved,” said Mr. Staikouras, adding that “Greece also faces challenges. “A prudent fiscal policy, a prudent bond issuing strategy and the continued implementation of structural changes and reforms are needed, so that the country can achieve what appears to be high and sustainable economic growth, create even more new, well-paid jobs and strengthen social cohesion.” More specifically, the Minister of Finance stated:
“During the two-day meetings, the Eurogroup yesterday and Ecofin today recognized the strong recovery and sustainable growth of European economies. This is based on the strong support packages we co-decided at European level as well as on the coordination of fiscal and monetary policy. But there are challenges, challenges that are difficult for European households, challenges arising from the “Omicron” mutation and the health crisis, but also challenges that come from high inflation, inflation that lasts longer than the initial estimates, has stronger characteristics, unfavorable to the family budget and comes from at least 50% of the energy crisis. In the face of these challenges at European level, we continue to support measures for as long as necessary until the crisis and fiscal adjustment are addressed, the necessary fiscal stability we have decided not to work to the detriment of growth. It goes without saying that the emphasis should be on investment, new technologies and innovation. In this international environment full of challenges, the Greek economy has succeeded satisfactorily and has very positive prospects. We have recovered strongly, unemployment has fallen, padlocks have been avoided, citizens’ disposable income has been boosted, red loans have been reduced, competitiveness has improved. And all this is recognized by all partners, by all institutions, by all colleagues. But Greece also faces challenges. “A prudent fiscal policy, a prudent publishing strategy and the continued implementation of structural changes and reforms are needed, so that the country can achieve what appears to be high and sustainable economic growth, create even more new, well-paid jobs and strengthen social cohesion.”
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Roberta Metsola Re-elected President of European Parliament](https://www.ot.gr/wp-content/uploads/2024/07/2024-07-16T110250Z_1107936467_RC2BW8AZP0U4_RTRMADP_5_EU-PARLIAMENT-2048x1366-1-600x400.jpg)
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
![ELSTAT: 1.5% Increase in Business Turnover in May 2024](https://www.ot.gr/wp-content/uploads/2024/07/epixeiriseis_2-600x414.jpg)
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
![Cosco: Container Traffic Decline at Piraeus Port Continues](https://www.ot.gr/wp-content/uploads/2024/07/olp1-scaled-1-2048x1312-1-600x384.jpg)
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023