National Economy and Finance Minister and Eurogroup President Kyriakos Pierrakakis on Tuesday expressed his belief that the 2025 primary surplus will exceed the budget target, in a speech during a meeting with heads of EU diplomatic missions at the Embassy of Cyprus in Athens.
He noted that this “creates additional fiscal space within the framework of the European Union’s new fiscal rules, which we intend to direct to citizens – especially those most in need – in a targeted manner.” The 2025 budget execution data will be announced on Wednesday.
At the same time, referring to the conflict in the Middle East, Pierrakakis said the depth of the crisis in the Strait of Hormuz will depend on three key factors: its duration, the level of damage to energy infrastructure in the region, and the status of the Strait after the crisis ends.
He added that due to the crisis, Greece – like all European economies – is expected to see a downward revision of growth forecasts for 2026, and an upward revision of inflation estimates.