Kyriakos Pierrakakis was formally appointed as the first Greek representative to lead the Eurogroup, marking a symbolic shift from Greece’s debt crisis past. His leadership begins as the bloc focuses on fiscal consolidation and economic resilience across member states.
- Kyriakos Pierrakakis became the first Greek finance minister to chair the Eurogroup on December 11, 2025.
- Greece's public debt-to-GDP ratio declined to 118.3% in 2025, down from 182% in 2018.
- Greece has maintained a budget deficit below 2% of GDP for three consecutive years.
- Italy’s 10-year government bond yields fell 12 basis points following the leadership announcement.
- The Eurogroup’s focus under Pierrakakis includes fiscal consolidation, digital transformation, and green investment.
- Greece received three international bailouts totaling €260 billion between 2010 and 2015.
Kyriakos Pierrakakis assumed the rotating presidency of the Eurogroup on December 11, 2025, becoming the first Greek official to hold the role since the eurozone’s sovereign debt crisis. His appointment at a meeting in Brussels underscores Greece’s return to stability and active participation in shaping eurozone economic policy. Pierrakakis, who serves as Greece’s Minister of Finance, was selected following a consensus among the 20 euro area finance ministers, reflecting broad confidence in Greece’s fiscal discipline and reform trajectory. The significance of Pierrakakis’s appointment extends beyond symbolism. Greece has maintained a budget deficit below 2% of GDP for three consecutive years, a key benchmark for eurozone fiscal responsibility. In 2025, the country’s public debt-to-GDP ratio stood at 118.3%, down from a peak of 182% in 2018. These figures mark a major turnaround from the 2010–2015 crisis era, when Greece required three international bailouts totaling €260 billion. Pierrakakis’s leadership is expected to emphasize structural reforms, digital transformation, and sustainable investment, particularly under the EU’s 2025-2030 fiscal framework. His presence is anticipated to strengthen dialogue between core and peripheral eurozone economies, especially as countries like Italy and Spain face rising borrowing costs. Market analysts note that his appointment could bolster investor confidence in southern European debt markets, with Italian 10-year yields declining 12 basis points in early December following the announcement. The European Commission and European Central Bank are closely watching the Eurogroup’s direction under Pierrakakis, particularly as the eurozone grapples with inflation pressures and uneven growth. His tenure will test whether Greece can maintain its fiscal credibility while advocating for broader regional coordination on debt sustainability and green investment.