Pierakakis: Activation of Escape Clause for Defense Spending a National Success

The proposal by the European Commission to activate the national escape clause for defense spending represents a strategic success for the country, according to Minister Pierakakis in a recent statement. The minister emphasized that during a period of intense geopolitical uncertainty, Greece can continue to invest in its defense capabilities and deterrent strength while respecting fiscal rules. With initiatives led by Greece and other European countries, Greece will have the opportunity to spend over €500 million by 2026. It is particularly significant that partners considered 2024 as a reference point specifically for Greece, creating additional fiscal space. For Greece, defense remains a national priority. The European Semester announced by the European Commission reflects the dynamic trajectory of the Greek economy, achieving high primary surpluses and double the growth rate of the Eurozone. According to the Commission, Greece maintains its ability to service its rapidly declining debt. Overall, the report acknowledges the positive trajectory of the Greek economy and the immense efforts made to ensure stability and growth.