Greek minister takes helm of Eurogroup

Greece’s finance minister Kyriakos Pierrakakis has been appointed as the new head of the Eurogroup, a move widely seen as a symbolic marker of the country’s rehabilitation within the eurozone. The decision highlights how perceptions of Greece have shifted since its prolonged sovereign debt crisis, placing a Greek official at the centre of euro area economic coordination.

Pierrakakis was elected by fellow finance ministers from the 20 countries that use the euro and will serve a two-and-a-half-year term. The Eurogroup, while informal, holds substantial influence over fiscal policy coordination, bailout frameworks and responses to economic shocks. Its president chairs regular meetings and plays a key role in shaping consensus among member states, particularly during periods of financial strain.

The appointment carries historical weight. Little more than a decade ago, Greece was reliant on international rescue programmes and faced intense scrutiny over its public finances. Those years left deep political and economic scars across the eurozone. Since then, Athens has restored market access, delivered primary budget surpluses and posted growth rates that have outpaced several peers, helping to rebuild trust among European partners.

Pierrakakis assumed the finance portfolio earlier in 2025 after holding senior posts in digital governance and education. His background is viewed as technocratic rather than ideological, a trait often valued in a role that depends on mediation rather than authority. Supporters argue this approach may prove useful as the eurozone grapples with slower growth, high debt burdens and renewed debate over fiscal discipline rules.

Beyond internal coordination, the Eurogroup president represents the currency bloc in global forums, including meetings with G7 counterparts and international financial institutions. While the position does not allow for unilateral decision-making, Pierrakakis’s election underscores Greece’s transition from crisis outlier to trusted participant in eurozone governance, reinforcing broader efforts to project stability and cohesion across the single currency area.

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