Greece's Ministry of National Economy and Finance published a transcript of Finance Minister Kyriakos Pierrakakis’s on-stage discussion with Semafor’s Ben Smith at the Semafor World Economy Forum in Washington on “The New Era of Global Growth”. Pierrakakis warned that if the Strait of Hormuz remains closed for a prolonged period the economic effects would be large, and described Eurogroup work to coordinate Europe’s response, including support measures that follow European Commission guidance by being temporary, tailored and targeted, and withdrawn once the crisis eases. Referencing International Energy Agency analysis, he characterised the current oil disruption as around a 13 million barrels-per-day supply shock and pointed to potential annual natural gas losses of around 110 billion cubic metres (BCM), compared with a drop from 155 BCM to 80 BCM after Russia’s invasion of Ukraine. He also flagged spillovers through Hormuz-linked trade flows, including roughly one third of global fertiliser flows and almost 50% of sulphur production, and noted that even in a best-case scenario it could take about two months for supply to return close to previous levels, with risk premia persisting and around 80 energy facilities already affected. Against that backdrop, forecasts were described as being revised towards lower growth and higher inflation, while longer-term priorities cited included accelerating Europe’s Savings and Investment Union and Capital Markets Union, removing internal single-market barriers and enabling more cross-border banking and market infrastructure consolidation.
Ministry of National Economy and Finance (Greece) 2026-04-14
Greece's Ministry of National Economy and Finance warns prolonged Strait of Hormuz closure would intensify the energy shock and supports temporary targeted EU relief
Greece’s Ministry of National Economy and Finance released Finance Minister Kyriakos Pierrakakis’s remarks at the Semafor World Economy Forum, where he warned that a prolonged Strait of Hormuz closure would have major economic effects and outlined Eurogroup work on coordinated, temporary, targeted support aligned with European Commission guidance. Citing International Energy Agency analysis, he described a roughly 13 million barrels-per-day oil supply shock, potential annual natural gas losses of about 110 billion cubic metres, and spillovers via Hormuz-linked fertiliser and sulphur trade, with forecasts shifting to lower growth and higher inflation. He also stressed accelerating Europe’s Savings and Investment Union and Capital Markets Union and enabling greater cross-border banking and market infrastructure consolidation.