Pierakakis: Banking System Must Overcome Its Challenges and Excel

Greek Minister of Economy, Kyriakos Pierakakis, emphasized that the Greek economy can operate on two levels simultaneously by leveraging its strengths. It can strengthen small and medium-sized enterprises at a community level while nurturing national champions. This vision is not merely economic but also ethical and national, aiming to reverse brain drain into brain gain. During his speech at the annual general meeting of the Hellenic Bank Association, Pierakakis highlighted the need for banks to reclaim their pre-crisis role. He stated that the banking system must overcome its challenges and surpass itself. ‘With banks leading the economy, we must set the tone for a Greece that dares to exceed its own limits,’ he underlined. Acknowledging societal grievances about banking practices, Pierakakis noted the importance of restoring trust. Historically, Greek banks played a pivotal role in financing public and private investments both domestically and internationally. Pierakakis encouraged banks to build on their legacy with renewed confidence, focusing on convergence with the Eurozone average in investments, development, and incomes. Addressing geopolitical tensions in the Middle East, he stressed the need for caution and diplomacy. Despite potential global economic slowdowns, he expressed optimism about the resilience of Greek banks and the favorable domestic economic environment continuing through 2025. The minister concluded by urging a proactive strategy that seizes opportunities amidst challenges.