US EditionGreek Minister Takes over as Eurogroup President, Marking Historic Turnaround
Pierrakakis will lead eurozone finance ministers for two-and-a-half years focusing on budget coordination, debt reduction, and boosting the euro’s international role, officials said.
- On Thursday, Kyriakos Pierrakakis, Greek Finance Minister, was elected Eurogroup president, defeating Belgian Deputy Prime Minister Vincent Van Peteghem.
- Many diplomats say Belgium’s stance on the `reparations loan` to Ukraine weakened Van Peteghem, who had support from only five EU countries, below the 11 required, prompting his withdrawal.
- Policy-Wise, Pierrakakis ran on improving budgetary coordination, slashing public debt, strengthening the euro’s international role and boosting EU competitiveness; the Eurogroup typically meets once a month, usually in Brussels.
- The decision by the euro area’s 20 finance ministers represents a remarkable turnaround for Athens after the eurozone crisis, and EU Economy Commissioner Valdis Dombrovskis called it an `important symbolic moment for Greece and the euro area`.
- Established in 1997, the Eurogroup played a key role during the 2010s eurozone crisis but its influence has faded somewhat in recent years, while Pierrakakis rose rapidly after becoming finance minister in March this year.
23 Articles
23 Articles
readingeagle
By ELENA BECATOROS ATENAS (AP) — Greece’s finance minister was elected Thursday as president of the Eurogroup, a movement that would have been unthinkable only 10 years ago, when the country was in the midst of a deep financial crisis that almost led it to be expelled from the eurozone altogether. Minister Kyriakos Pierrakakis was elected president of the Eurogroup, the informal body of finance ministers of the 20 members of the European Union w…
For Greece, a recognition of the consolidation path; for the Eurozone a technical choice at a crucial time for fiscal governance and economic stability
Kyriakos Pierrakakis takes over the position of Eurogroup leader, who has been vacant since his predecessor's resignation. Lars Klingbeil is looking forward to working together.
Ten years after being close to the exclusion of the euro area, Greece sees its Finance Minister take over the role of the Eurogroup Ten years after failing to get ejected from the euro area, the
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- 38% of the sources lean Left, 37% of the sources are Center
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