In a parliamentary speech published by Greece's Ministry of National Economy and Finance during debate on a bill transposing recent European Union amendments to the tax administrative cooperation framework and containing pension provisions, Minister Kyriakos Pierrakakis mostly reiterated the government's broader economic policy line rather than announcing new measures. He rejected opposition calls for an extraordinary tax on banks, argued that support measures should be temporary and targeted, and said macro indicators had improved, including a fall in the debt-to-gross domestic product ratio from close to 210% after COVID-19 to a projected 136%. Pierrakakis said an International Monetary Fund review discussed at the previous Eurogroup had backed tailored, temporary and targeted measures for vulnerable groups and had assessed positively the government's EUR 0.20 per litre diesel subsidy. On banks, he cited Bank of Greece data for 2025 showing operating income up 0.5%, net interest income down 15%, operating expenses up 7.2% and net operating results down EUR 247 million, with higher final profits driven mainly by a roughly EUR 438 million fall in credit-risk provisions and a EUR 158 million reduction in impairment losses rather than stronger core operating profitability. He added that the government had already intervened on ATM withdrawal fees, broader bank charges and the Swiss franc issue, and said private-sector credit growth had moved from about minus 0.4% in 2019 to 10% in 2025, including 15% growth in business lending and a return of mortgage credit.
Ministry of National Economy and Finance (Greece) 2026-05-13
Greece's Ministry of National Economy and Finance rejects bank windfall tax and defends targeted temporary support
Greece’s National Economy and Finance Minister Kyriakos Pierrakakis used a parliamentary debate on a bill transposing EU tax administrative cooperation amendments and pension provisions to restate the government’s economic stance, rejecting opposition calls for an extraordinary bank tax and insisting support measures remain temporary and targeted. He cited improved macro indicators, including a projected debt-to-GDP ratio of 136%, and an IMF review endorsing targeted aid for vulnerable groups and the EUR 0.20 per litre diesel subsidy. He also noted Bank of Greece data showing 2025 bank profits mainly driven by lower credit-risk provisions and impairment losses, and private-sector credit growth shifting from about -0.4% in 2019 to 10% in 2025.