Handelsblatt: "A sought‑after adviser on reforms" — Kyriakos Pierrakakis in Berlin
The German business newspaper Handelsblatt described Greek minister Kyriakos Pierrakakis as a "sought‑after adviser on reforms" following his recent visit to Berlin, suggesting there are "lessons Germany can learn from Greece."
Handelsblatt noted that no Greek finance minister was probably ever received in Berlin like Pierrakakis. On Monday evening, invited by the Hertie School, he spoke about his country's reform successes and was greeted with the remark, "Germany can learn a lot from Greece." The paper contrasted this reception with the mood a decade earlier, when European leaders were discussing the possibility of Greece leaving the eurozone amid the debt crisis.
During that crisis, Greece's GDP fell by about 25%, public debt climbed to more than 200% of GDP and unemployment reached about 28%. At the time, the Merkel government and finance minister Wolfgang Schäuble insisted on strict reform conditions, and visiting Greek politicians often had to "listen to lectures," the article recalled.
This time the roles have reversed. Pierrakakis met with Finance Minister Lars Klingbeil (SPD) to discuss next steps toward a Capital Markets Union and with Digital Transformation Minister Karsten Wildberger (CDU) about modernising public administration — reforms Pierrakakis successfully advanced in Greece in his previous role. In Berlin, the Handelsblatt author observed, the Greek politician "is not a supplicant but a sought‑after adviser."
Pierrakakis himself was cautious about calling Greece a model for Germany in the interview: "I would not speak of a model, rather of an inspiration. What Baden‑Württemberg needs does not necessarily work in the Peloponnese." He added that member states share common goals — to stabilise public finances, ensure growth and remain competitive.
Handelsblatt pointed out that Greece currently outperforms Germany in some areas. According to the International Monetary Fund (IMF), Greece is expected to grow by about 2% this year and next, while the IMF projects growth of only 0.2% and 0.9% for Germany in the same periods. While German Finance Minister Lars Klingbeil is accumulating record debt, Pierrakakis is likely to deliver a budget surplus this year, the article notes.
The paper also referenced recent praise from Bundesbank President Joachim Nagel during his visit to Athens and remarks by Klaus Regling, former head of the European Stability Mechanism (ESM). Regling told Handelsblatt that Greece's achievements in the past decade are not only a success story for Greece but an inspiration for Europe: "Greece is now above the EU average on many indicators. The economy is growing strongly, the state budget is in surplus and the country runs current account surpluses," he said.
Handelsblatt further described Greece as a model country for digitalising public administration — at least compared with a lagging Germany. Pierrakakis showed the Gov.gr mobile app and said the platform now offers some 2,200 digital public services and is "based on artificial intelligence." According to a survey cited in the article, the introduction of the digital governance platform is the second most popular reform in modern Greek history after the creation of the public health system.
Regling added that he had been more optimistic than many a decade ago about Greece's chances to recover, while acknowledging the reforms were painful at first: when you eliminate problems, the majority suffers initially, but then the economy improves and everyone benefits. The article stressed Greece needed not one but three bailout packages, which former Greek officials attribute to the political system's inability at the time to implement necessary measures quickly and at scale. Pierrakakis paraphrased Churchill: "We did the right thing after exhausting all other options," and emphasised a lasting change in attitude in Greece: "We no longer shift burdens and debts to the next generation."
Asked about Germany's current problems, Pierrakakis avoided lecturing: "I know the word 'hubris' is Greek. We do not want to give advice with a raised finger." At the same time, Nagel had observed in Athens that recognising the payoff from tough reforms is important for Germany as well, where structural challenges urgently need addressing.
Regling told Handelsblatt that the situations in Germany and Greece are not directly comparable, but drew a clear lesson: "Reforms pay off, and the sooner problems are tackled, the less painful the process will be." For Pierrakakis, the lesson from Greece's crisis is simple: "If you don't take the right political measures, there will never be a recovery."
Pierrakakis and the paper also highlighted recent domestic policy moves: the government approved what Pierrakakis called "the largest tax cut in our history" a few months ago. He predicts the tax reform will add roughly 0.6 percentage points to the 2.4% growth forecast for next year.
Since the conservative government of Prime Minister Kyriakos Mitsotakis took office in 2019, Greek income levels rose from about 62% of the EU average to roughly 70% today, Pierrakakis said. He stressed the need for further reforms, increased investment and stronger exports.
Finally, while praising the Greek trajectory, Pierrakakis also acknowledged Germany's strengths: "The German economy has so much strength, produces so much innovation and dynamism," and he expressed confidence that Chancellor Merz's government will be able to demonstrate that on the policy stage as well.
