Eurogroup: Greece’s 2025 Budget Approved by European Commission

Photo source: ESM

Greece is one of eight European Union countries whose draft national budget for 2025 has been approved by the European Commission without reservations.

According to an announcement by the Greek Ministry of Economy and Finance, the approval signifies that the Greek budget complies with the EU’s public expenditure limits and financial guidelines.

During the latest Eurogroup meeting on Monday, Greek Minister of Economy and Finance, Kostis Hatzidakis, was informed of the Commission’s approval.

“The approval of our budget by the European Commission just one day before it is discussed in Parliament demonstrates the credibility of our policies,” he said.

Eurogroup President Paschal Donohoe with Economy Minister Kostis Hatzidakis. Photo source: Economy Ministry

Hatzidakis highlighted that the approval marks a significant achievement for Greece, despite the lingering effects of the economic crisis. “Despite the ongoing challenges from the past decade’s crisis and pressing social issues, it is crucial that the government is progressing with tax reductions, wage increases, and increased spending on national and social priorities,” he noted.

Moreover, at the December 10 ECOFIN meeting, the European Commission initiated the approval of the Mid-Term Plan for 20 countries, with Greece included. Of the 22 countries that submitted their plans, five have yet to respond, while 17 Eurozone countries have submitted their 2025 draft budgets, with three countries still pending.

Strengthening EU-UK economic relations

Economy Minister Kostis Hatzidakis. Photo source: Economy Ministry

Additionally, in discussions on the EU’s international relations, Hatzidakis highlighted the importance of increasing bilateral trade between the EU and the United Kingdom.

The Greek minister underlined that both parties stand to benefit from enhanced cooperation and free trade, particularly in light of potential protectionist policies in the United States.

Ministers from the 20 Eurozone countries also reviewed recent economic developments, referencing the intermediary results announced by the International Monetary Fund for the euro area.