After the election, Prime Minister Kyriakos Mitsotakis assigned an investment rating in an interview he gave to CNN in the context of his attendance at the World Economic Forum in Davos.

“Our economy is doing better than expected, which means we are creating more fiscal space to support businesses and households,” the prime minister said, adding: “When they look at our debt as a percentage of GDP, they see that we have reduced it. by about 40 percentage points within three years. This was the fastest decline recorded in any European country. But we still have money to support vulnerable businesses and households. That is why I consider our policies successful because they were and remain both liberal in terms of creating development and progressive in terms of our support for the weakest households and the weakest members of society,” he said.

The country turns the page

When asked why people gave him another chance, Kyriakos Mitsotakis replied: “Because we kept our promises. Because we are restoring trusting relationships with Greek citizens. Since we’ve cut taxes, we’ve cut unemployment. We supported the citizens in difficult times. And I know that this is a difficult time that we are going through, and because, at the end of the day, I think the experience of crisis management is important, as you said about the so-called “multiple crises.” Therefore, I believe that the issues of reliability, stability, predictability are important for the Greeks today. For the first time, they feel like the country has turned a page. I don’t think they would be willing to risk going off course,” he added.

He also calculated that we won’t have a recession this year. “On the contrary, we are more likely to have growth closer to 2% than 1%,” he said.

We need natural gas

In addition, the Prime Minister, speaking about energy security, noted that if we have learned anything from the Ukrainian crisis, it is that we must insist on renewable energy sources. “They are cheaper and safer from a geopolitical point of view. This is exactly what we do in Greece,” he said.

“At the same time, we need natural gas. But we need to be careful that the entire gas infrastructure is ready for the post-gas future. For example, we are building a new power plant in the northeast of Greece. This is a network that will be ready to receive hydrogen as well. In the short term, it will provide electricity not only to Greece, but also to the Balkans,” he stressed and added: “We want to be an energy exporter and energy security provider for our friends in the Balkans.”

Below is the full interview of Prime Minister Kyriakos Mitsotakis with CNN and journalist Julia Chatterley.

Kyriakos Mitsotakis: We will continue because it is the right thing to do and because our approach is producing results. I think many people were surprised at how united the Western world and especially the European Union was, but we will continue on the same path, we will continue to support Ukraine and of course we will reduce our dependence on Russian gas as soon as possible.

Kyriakos Mitsotakis: Is there an alternative solution? Because surely the alternative is not to defeat the Ukrainians on the battlefield. They need weapons, and we will supply them with weapons so they can negotiate peace on their own terms. This has always been the goal. Obviously we want to end the conflict, but we must give the Ukrainians the tools they need to defend themselves. That’s the point. This is an aggressive war. This is a daring attempt by a great power to impose its foreign policy on its revisionist notions. And we will continue to support Ukraine, as we have done so far.

Julia Chatterley: The Spanish Prime Minister told me that “diplomatic channels with Russia must remain open”…

Kyriakos Mitsotakis: There is no doubt about that.

Julia Chatterley: Can you play a role in this? You spoke about the “ties between the peoples” of the two countries.

Kyriakos Mitsotakis: In the end, of course, the channels of communication must remain open. But these negotiations will ultimately take place between the two parties involved, and Ukraine is the only party to determine the terms of the peace. And hopefully they will get to the target – as soon as possible – but the better they behave on the battlefield, the more likely we will get to this goal.

Julia Chatterley: You mentioned energy security and that’s a topic of discussion. And also that clean energy is the best form of energy security for Europe in light of what we have seen over the past twelve months. But also, if you’re going to invest in oil and gas, there needs to be an infrastructure that can be adapted and converted to use cleaner fuels like hydrogen in the future. I see it specifically in what you are doing in North East Greece.

Kyriakos Mitsotakis: First of all, it may be snowy and cold in Davos, but I can assure you that all our wind turbines are working in Greece today. It’s also a sunny day and we generate a significant portion of our electricity, even in winter, from renewable energy sources. This is the future. If we have learned anything from the Ukrainian crisis, it is that we must push for renewable energy. They are cheaper and safer from a geopolitical point of view. This is exactly what we do in Greece.

In the meantime, we need natural gas. But we must be careful that the entire gas infrastructure is ready for the post-gas future. For example, we are building a new power plant in the northeast of Greece. This is a network that will be ready to receive hydrogen as well. In the short term, it will provide electricity not only to Greece, but also to the Balkans. We want to be an energy exporter and provide energy security for our friends in the Balkans. However, in the long term, a combination of hydrogen and natural gas could become the fuel, and eventually we could switch to clean hydrogen.

Julia Chatterley: You know, when I look at Europe, what strikes me is that Greece’s growth in 2022 is well ahead of most other countries. However, you’ve managed to cut the deficit, which justifies your stance on a 90 percent (energy company) income tax to the point where some economists say you’re pushing too hard for deficit reduction. I know that achieving an investment grade rating in 2023 is a fundamental goal for you.

Kyriakos Mitsotakis: It has to happen and it will happen.

Julia Chatterley: Will it happen?

Kyriakos Mitsotakis: Yes, it will happen. As soon as we resolve the political uncertainty, because, as you know, we will have elections in the spring, and I am convinced that we will win again.

Julia Chatterley: Are you sacrificing popularity by trying to raise an investment grade issue?

Kyriakos Mitsotakis: I don’t think we’re pushing as hard because our economy is doing better than expected, which means we’re creating more financial space to support businesses and households. We can say that we do the opposite. We have spent over $40 billion during the Covid pandemic. And this has led to an increase in our debt. But the markets have shown tolerance on this issue, as they realized that such a policy was a necessary reaction at this particular moment. But at the same time, when they look at our debt as a percentage of GDP, they see that we have reduced it by about 40 percentage points in three years. This was the fastest decline recorded in any European country. But we still have money to support vulnerable businesses and households. That is why I think our policies have been successful because they have been and remain both liberal in terms of growth and progressive in terms of our support for the weakest households and the weakest members of society.

Julia Chatterley: It’s a delicate balance. The last three years have been extremely difficult for all states, for all leaders. At the same time, reforms were also difficult. And I know how you dealt with this issue, especially in the area of ​​taxation and fiscal issues. Why do you think people should spend more time with you?

Kyriakos Mitsotakis: Because we kept our promises. Because we are restoring trusting relationships with Greek citizens. Since we’ve cut taxes, we’ve cut unemployment. We supported the citizens in difficult times. And I know that this is a difficult time that we are going through, and because, at the end of the day, I think the experience of crisis management is important, as you said about the so-called “multiple crises.” We don’t know what the next crisis will be. We hope to move on to calmer waters, but we never know what the future holds. Therefore, I believe that the issues of reliability, stability, predictability are important for the Greeks today. For the first time, they feel like the country has turned a page. I don’t think they’re willing to risk going off course.

Julia Chatterley: Can you avoid a recession this year?

Kyriakos Mitsotakis: Obviously we won’t have a recession this year. Instead, we are likely to see growth closer to 2% than 1%. This is my assessment.

Source: RES-IPE