Greek Finance Minister Kostis Hatzidakis concluded his visit to Washington, D.C. on Saturday, where he attended the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
The Greek delegation included Council of Economic Experts president Michael G. Arghyrou and Public Debt Management Agency Director General Dimitris Tsakonas.
At the three day event, Hatzidakis emphasized Greece’s positive economic transformation, stating, “In the past five years, Greece has shifted from being a weak link to a success story.” He credited Greece’s achievements in growth, debt management, fiscal surpluses, investment inflows, export increases, and falling unemployment rates as evidence of “the right mix of economic policy,” asserting that Greece is committed to “all necessary reforms to elevate the country even higher.”
This comes after the IMF’s latest World Economic Outlook report, discussed during these meetings, revised Greece’s growth projections upward for 2024, forecasting an increase from 2.0% to 2.3%, and for 2025, from 1.9% to 2.0%. Hatzidakis attributed this positive outlook to the government’s ongoing economic reforms, which focus on fiscal stability and growth-oriented policies.
During his visit, Hatzidakis met with IMF Managing Director Kristalina Georgieva, IMF Fiscal Affairs Director Vítor Gaspar, and IMF European Department Director Alfred Kammer. He also engaged in strategic discussions with leading global financial executives, including Blackrock Vice Chairman Philipp Hildebrand, Deutsche Bank CEO Christian Sewing, Citigroup Vice Chairman Jay Collins, and Nomura Vice Chairman Masahiro Goto. The primary focus of these meetings was on Greece’s strong investment potential, bolstered by its economic and political stability. Hatzidakis also met with representatives from major rating agencies and financial analysts to further discuss Greece’s fiscal trajectory.
In media interviews with outlets such as Reuters, CNBC, and Sky News, Hatzidakis underscored Greece’s commitment to structural reforms, specifically addressing tax evasion, privatizations, the establishment of non-state universities, and accelerated justice delivery.
Hatzidakis also participated in the Coalition of Finance Ministers for Climate Action, where Greece has been an active member, promoting collective action on climate change. In his statements, he highlighted the importance of coordinated European action, stating, “It’s essential to move from analysis to concrete actions and measurable results.”
In a roundtable session focused on Ukraine’s support and reconstruction, Hatzidakis emphasized Greece’s commitment to regional stability. He also attended the IMF’s International Monetary and Financial Committee (IMFC) plenary, addressing global economic stability.
Finally, Hatzidakis attended a working dinner hosted by Georgieva with finance ministers from other advanced European economies, where they discussed challenges to European economic competitiveness.
Latest News
October 28: Traffic Regulations and Public Transport Adjustments
Road closures and transportation changes will be in effect across Athens and Piraeus until the National Day events conclude
ELSTAT: Construction Material Prices Remain High in Greece
According to recent data from the Hellenic Statistical Authority (ELSTAT), the General Index of Construction Material Prices for New Residential Buildings rose by 5.5%
Greek Finance Minister: “Greece was living beyond its means”
Finance Minister Kostis Hatzidakis told Reuters Greece needs to focus on fiscal prudence, and that the country had to learn from past mistakes
Greek Economy Faces Pressing Challenges Amid Global Uncertainty
Major issues that are expected to intensify if not addressed, include the high current account deficit, the substantial investment gap, low productivity, and the question of long-term growth
Greece Expands Investigation into Profit Margin Cap Violations
The investigation into potential violations of Greece's profit margin cap now includes 26 major food and non-food companies as well as 9 supermarket chains
Inflation Drains Minimum Wage Gains in Greece, Prompting New Reform Plan
Calculations show that the real wage as of September 2024 is 693 euros, meaning the actual minimum wage has yet to reach 700 euros
Luxury Holiday Homes in Greece Surge in Demand
Trends regarding holiday homes in Greece, in recent years, are primarily driven by the significant demand of affluent clients who seek to buy more comfortable family homes
Majority of Greeks Over 50 Face Retirement Without Pensions
Most Greeks aged 50-74 do not receive any old age pension
SEV President to Call for Major Industry Investments and Clear Reforms
SEV’s president is also expected to emphasize the need for clear, streamlined licensing processes and structural issues that hinder the industry
US Government Says North Korea Sent Troops to Russia
North Korea has sent 3,000 troops to Russia for possible deployment in Ukraine, according to to US government official