Greece's Ministry of National Economy and Finance signals targeted support if oil remains significantly above USD 100 and puts energy costs on the Eurogroup agenda

Greece's Ministry of National Economy and Finance published an interview with Minister Kyriakos Pierrakakis in which he set out how Greece and the euro area may respond to renewed geopolitical-driven energy price volatility. He indicated that Greece would consider targeted support only if the shock becomes more intense and lasting, pointing to oil prices significantly above USD 100 for several weeks as a level that would warrant closer attention and a reassessment. The interview flagged that the 9 March 2026 Eurogroup meeting will place the impact of the geopolitical crisis on energy costs at the top of its agenda, given the risk of new inflationary pressures. Pierrakakis linked the scope for national measures to European coordination, both on intervention tools and on the fiscal framework, and reiterated that the European Union is unlikely to reverse its diversification away from Russian energy. He also referenced Greece’s lower energy dependence, including an agreement on a “vertical corridor” for transporting liquefied natural gas from the United States to Central Europe via Greece, and noted that there is “no relevant discussion” at this stage about the European Central Bank changing its interest-rate path. On domestic financial and fiscal issues, Pierrakakis cited recent abolition of certain bank charges on basic everyday transactions and referred to letters sent to banks on debits and the out-of-court settlement process, alongside claims of improved bank balance sheets and sharply lower non-performing loans. He added that the budget adopted in December did not provide for new measures in April 2026 and, absent European flexibility and a material deterioration in conditions, fiscal space is expected to form for 2027 for tax-reducing and growth-focused measures to be announced by the Prime Minister at the Thessaloniki International Fair.