Bloomberg Talks Greece Finance Minister Kyriakos Pierrakakis Talks EU Seeking Trade Deal
May 12, 2025
Kyriakos Pierrakakis, Greece's Finance Minister, shares insights on the EU's trade negotiations with the US and the challenges of aligning 27 member states. He emphasizes the need for a zero tariff deal to enhance free trade. The discussion highlights Greece's commitment to reducing tax evasion and digitization to combat the shadow economy, aiming for a budget surplus. Pierrakakis also addresses Greece’s defense investments amid changing geopolitical dynamics and the importance of cautious trade policies to safeguard the global economy.
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Greece Backs Swift Free Trade Deal
- Greece supports a free trade deal with the U.S. aimed at lowering trade tensions quickly.
- The country hopes for zero tariffs ideally, but recognizes the complexities of a 27-member EU negotiating.
EU's Tariff Revenue Role
- The EU budget currently gets about 13.7% from tariffs which complicates tariff removal.
- Europe aims to eliminate trade barriers internally and externally for improved economic architecture.
Crises Catalyze EU Integration
- Market volatility previously created by Greece has shifted to Greece now being a stability story.
- Economic crises often catalyze European integration and institutional reforms, presenting opportunities for growth.