Greece’s finance minister, Kyriakos Pierrakakis, has been elected as the new head of the Eurogroup for the next two and a half years. This informal council of economic and finance ministers from the 20 countries of the Eurozone meets once a month to coordinate economic and financial policy. The Greek press sees the nomination as a major success.
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Multiple advantages for Greece
In addition to boosting its image in the area of financial policy, Athens has acquired a direct line to Brussels, writes Naftemporiki:
“The advantages of this election are obvious for Greece: quicker updates on developments in Europe’s strongest economies as well as the opportunity to help shape decisions, especially on issues that have a direct impact on the Greek economy. Another advantage, of course, is the enhancement of the country’s image, which within a decade has gone from the threat of exclusion from Europe’s single currency to assuming the presidency of one of the most important institutions in the Eurozone.”
Why Belgium lost out
Pierrakakis had good chances from the outset, writes Efimerida ton Syntakton:
“The international press is already talking of a success story, as Greece – once regarded as Europe’s ‘problem child’ – now takes over the presidency of the Eurogroup. His rival, the Belgian budget minister [Vincent Van Peteghem], appears to have paid the price for his country’s refusal to back the proposed reparations loan to Ukraine, which is based on frozen Russian assets mainly located in Belgium. Earlier, German finance minister [Lars Klingbeil] had openly voiced his support for the Greek candidate, which undoubtedly played a role.”