Greece’s Ministry of National Economy and Finance announced that European Union finance ministers approved Greece’s request to activate the national escape clause for defence spending. The ministry framed the decision as enabling the exclusion of part of defence expenditure from fiscal rules and creating additional fiscal space, with EUR 500 million cited as available in 2026 to strengthen defence and support citizens. In related Eurogroup and ECOFIN discussions, Minister Kyriakos Pierrakakis backed the digital euro and called for an agreement by end-2025, linking it to the future of digital payments and to efforts such as tackling tax evasion through wider use of digital payments. On the Savings and Investments Union agenda, he argued for simplifying rules and removing unjustified obstacles in the European Commission’s securitisation framework review, and pointed to Euronext’s proposed acquisition of the Athens Stock Exchange and UniCredit’s investment in Alpha Bank as developments with both Greek and EU financial integration relevance.
Ministry of National Economy and Finance (Greece) 2025-07-08
Greece's Ministry of National Economy and Finance confirms ECOFIN approval of defence spending escape clause unlocking EUR 500 million fiscal space for 2026
The Ministry of National Economy and Finance of Greece announced EU finance ministers' approval to activate the national escape clause for defence spending, excluding EUR 500 million in 2026 from fiscal rules. Minister Kyriakos Pierrakakis supported the digital euro, urging an agreement by end-2025, linking it to digital payments and tax evasion efforts. He also advocated simplifying rules in the European Commission’s securitisation framework and highlighted Euronext’s proposed acquisition of the Athens Stock Exchange and UniCredit’s investment in Alpha Bank as significant for Greek and EU financial integration.