In 2024, Greece recorded a central government fiscal surplus of 369 million euros, outperforming the budget’s target of a 3.6 billion euro deficit. In terms of primary balance, Greece posted an 8.7 billion euro primary surplus on a modified cash basis—nearly double the budget target of €4.6 billion. Higher-than-expected revenues were primarily driven by intensified efforts to combat tax evasion—bringing in nearly 2 billion euros. Maintaining fiscal stability is central to our strategy for sustainable growth.

Building on this strong fiscal overperformance, Greece also recorded the largest reduction in the public debt-to-GDP ratio among all EU countries in Q3 2024 compared to Q3 2023, according to the latest Eurostat data. The ratio dropped by 10 percentage points, bringing it down to 158.2% of GDP.

This positive trajectory was also acknowledged in the IMF’s Staff Concluding Statement of the 2025 Article IV Consultation Mission, which confirmed Greece’s continued improvement in public finances, the firm downward trend of the debt-to-GDP ratio, and strong progress in reducing tax evasion, within the context of a favourable economic outlook and sustained GDP expansion.

Further progress was also seen in the labor market. According to ELSTAT data, Greece’s unemployment rate dropped to 9.4% in December, the lowest since May 2009. On an annual basis, the average unemployment rate for 2024 stood at 10.0%, down 1.1 percentage points year-on-year, while employment grew by 1.8% compared to 2023.

Turning to bank deposits, private non-financial deposits continued to grow in December, with inflows reaching 5.43 billion euros—partly due to seasonal factors—up from 2 billion euros in November. Over the last 12 months, the private non-financial deposit inflows have reached 8.37 billion with 39.5% of the total stemming from households. As a result, the total deposit balance rebounded to €197.39 billion by the end of the year, marking its highest level since January 2011.



Bank credit to the private sector recorded net additions (for the 5th consecutive month) of +3.05 billion in December 2024. In the 12-month period, the net lending flow remained positive with net loan additions amounting to +10.51 billion (compared to +4.17 billion in 2023).

Furthermore, the Athens Stock Exchange General Index recorded gains of +13.7% in 2024, with the December performance at +5.5%. The Bank index posted gains of +21.1% and +11.9% respectively.

The Greek government’s economic staff appears reserved regarding the possibility of tariffs being imposed by the Donald Trump administration on the European Union and Greece. According to available information, a government meeting is expected to be held this week to discuss all the issues, as the US president has already begun implementing such measures, as he had announced.

Capital Link Hellenic Leadership Award recipient, Bank of Greece Gov. Yannis Stournaras, an ex-FinMin, was praised for his pivotal role during Greece's economic recovery

New York City served as the epicenter of a global celebration of Greece's economic achievements on December 9, 2024, during the 26th Annual Capital Link Invest in Greece Forum

The event, titled “Greece – Speeding Ahead Post Investment Upgrade,” brought together political leaders, financial executives, and investors to spotlight Greece's economic transformation and the strengthening of U.S.-Greek relations.

The official dinner, a key highlight, honored Dr. Yannis Stournaras, Governor of the Bank of Greece, with the prestigious Capital Link Hellenic Leadership Award for his transformative contributions to Greece and Europe.

 Honoring a Resilient Leader

The Capital Link Hellenic Leadership Award recognizes individuals who have significantly advanced Greece's global business and investment connections. This year's recipient, Yannis Stournaras, was praised for his pivotal role during Greece's economic recovery, including his efforts as Minister of Finance and later as Governor of the Bank of Greece. His leadership helped stabilize Greece's finances, prevent a potential exit from the Eurozone, and navigate the Greek banking system through a challenging crisis.

Nicolas Bornozis, President of Capital Link, opened the evening, emphasizing the enduring importance of the forum in fostering international investment in Greece. Greek Ambassador to the U.S., Ekaterini Nassika, delivered a heartfelt tribute to Dr. Stournaras, underscoring his resilience and optimism during the darkest days of Greece's economic crisis.

"Even in the most challenging times, he remained a steadfast advocate for Greece's potential," Nassika remarked. "Dr. Stournaras is not only a guardian of Greece's economic stability but also an unwavering optimist who has played a decisive role in our country's resurgence."

 John Paulson: “Greece is Rising Fast”
Renowned investor John Paulson introduced Dr. Stournaras, praising Greece's remarkable economic progress under Prime Minister Kyriakos Mitsotakis. Paulson highlighted a series of achievements, including GDP growth outpacing the European average, record-breaking tourism revenues, and significant reductions in unemployment.

"These positive trends set Greece apart," Paulson said. "With investment-grade status restored and a thriving banking sector, Greece is on an upward trajectory. Much of this success is owed to leaders like Dr. Stournaras, whose dedication and expertise have been instrumental in this transformation.”

Paulson also commended Stournaras for orchestrating key financial reforms, such as the "Hercules" program, which effectively cleansed Greek banks of non-performing loans, leaving them well-capitalized and profitable.

Economic Success Amid Challenges
In his acceptance speech, Dr. Stournaras reflected on Greece's journey from the brink of financial collapse to its current position as a European success story. He attributed the turnaround to a combination of factors: rigorous fiscal and structural reforms, a commitment to remaining in the Eurozone, and strategic use of European Union funds.

"The recovery of investment-grade status is a testament to Greece's resilience," Dr. Stournaras said. "However, we must not lose sight of the challenges ahead, particularly the need to address the structural competitiveness gap and the persistent current account deficit."

Dr. Stournaras emphasized the importance of leveraging EU funds to invest in human capital, green energy, and digital technologies, which he sees as critical to sustaining Greece's growth and competitiveness.

The Path Forward
While celebrating Greece's progress, speakers at the forum underlined the need for ongoing reform and political consensus. Dr. Stournaras called for a technocratic approach to governance, prioritizing measurable outcomes and bipartisan support for necessary changes.

"A fragmented political landscape would risk undoing the hard-earned gains of recent years," he warned, advocating for broader political unity to ensure the effective implementation of reforms.

One area of ​​focus was Greece's defense expenditure, which Dr. Stournaras described as disproportionately burdensome for Greek taxpayers. He urged greater European collaboration in defense investment and co-production to alleviate these costs and foster economic stability.

Dr. Stournaras also pointed to the improving relationship between Greece and Turkey as a factor contributing to regional stability and economic confidence. He highlighted significant progress in areas such as airspace management and migration, which have helped ease public concerns and bolster Greece's international standing.

“An agreement on maritime zones would not only secure peace but also unlock significant economic growth opportunities in the region and Greece in particular,” he said.

A Testament to Greece’s Global Appeal
With over 97 high-profile speakers and participation from international investors, policymakers, and industry leaders, this year’s Capital Link Forum underscored Greece’s growing appeal as an investment destination. Key sectors highlighted included infrastructure, hospitality, real estate, and energy, all bolstered by Greece’s strategic location at the crossroads of Europe, Asia, and Africa.

The forum’s enduring success reflects the resilience of Greece’s economy and its ability to attract long-term capital even during turbulent times. By combining insightful discussions and recognition of transformative leadership, the Capital Link Forum continues to reinforce Greece’s position on the international stage.