Greek finance minister hails troika reforms as ‘absolutely necessary’

May 21, 2026 - 08:48

Greece's finance minister, Kyriakos Pierrakakis, has described the strict reforms imposed by international creditors more than a decade ago as "absolutely necessary" for the country's current economic revival. Speaking about the conditions set by the so-called troika -- the International Monetary Fund, the European Commission, and the European Central Bank -- Pierrakakis acknowledged that while the measures were painful, they ultimately laid the foundation for Greece's recovery.

The troika's demands came during the height of the Greek debt crisis, when the country faced the risk of a disorderly default and possible exit from the eurozone. In exchange for multiple bailout packages worth hundreds of billions of euros, Athens agreed to deep spending cuts, tax increases, and sweeping structural reforms. These steps were deeply unpopular at home, sparking protests and political turmoil.

Pierrakakis argued that without those conditions, Greece would not have been able to modernize its economy or restore fiscal discipline. He pointed to the country's return to investment grade status, lower unemployment, and stronger growth as proof that the strategy worked. Critics, however, note that many Greeks still struggle with high living costs and a lingering sense of lost sovereignty. The minister's remarks come as Greece continues to rebuild its reputation among international investors.