Greek Finance Minister Christos Staikouras said the center-right government will continue to subsidize certain categories of power bills in the country, in statements to Mega TV and ot.gr on Wednesday on the sidelines of the ongoing Davos World Economic Forum in Switzerland.
Ameliorating surging energy prices and their negative effect on inflation has been a priority for the Mitsotakis government in Athens, with a general election this year also adding to the urgency.
According to Staikouras, the government will continue its “generous” support primarily to households but also to businesses, aiming to cover the additional burden from skyrocketing electricity rates – which in Greece were drastically affected by unprecedented increases in natural gas prices.
He also said positive results were achieved without a “great fiscal cost”.
Moreover, Staikouras revealed yet another possible “pivot” away from a traditional conservative fiscal policy, by leaving open the possibility of more future subsidies and support measures, “if fiscal space emerges, and as long as fiscal space is created.”
“I estimate that as long as the Greek economy is performing as it is today, and as we’re expecting it to perform, then fiscal space will be created in 2023 … Greece in 2022 spent 20.3 percent of GDP to support society (via newly announced extraordinary welfare spending), when the European average was 1.3 percent.”
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.