In direct conflict with the Hellenic Police over the course of the Greek economy, the Ministry of Finance (YPOIK) responding point by point to 20 claims regarding growth, taxation, public and private debt, wages, pensions, and the protection of vulnerable households.
The Ministry of Finance maintains that the Hellenic Police presents economic data in a fragmented or inaccurate manner and attempts to distort the picture, citing comparisons with the 2015–2019 period, data on employment, investment, tax revenue, competitiveness, and disposable income.
Myth 1: Growth has no social impact
According to the claim addressed by the Ministry of Finance, the Greek economy is performing at nearly the same levels as in 2019, and growth has not trickled down to society. The response is that during the period 2015–2018, Greece had an average annual growth rate of just 0.8%, compared to 2.1% in the Eurozone, while from 2019 to 2025 it recorded cumulative growth of 10.8%, compared to 6.5% in the Eurozone. The Ministry of Finance also notes that nearly 600,000 new jobs were created, unemployment fell from 17.3% to 8.9%, net wages per employee rose by 32%, and the minimum wage by 41.5%.
Myth 2: The country’s competitiveness is declining
ELAS attributes the worsening trade deficit to a loss of competitiveness. The Ministry of Finance responds that key international indicators show improvement rather than decline. It cites Greece’s rise in the Economist Intelligence Unit’s Business Environment Index from 61st place in 2019 to 34th in 2025, as well as its improvement in the IMD index from 58th to 50th place. Regarding the trade deficit, it states that the increase is largely linked to imports of capital goods due to investment activity.
Myth 3: The primary surplus is built on inflation
In response to the claim that the surplus stems from taxes and inflation, the Ministry of Finance counters that current surpluses result from growth, increased employment, lower borrowing costs, and reduced tax evasion. It emphasizes that there have been 83 tax cuts since 2019, while it projects a decline in the primary surplus from 4.9% of GDP in 2025 to 3.2% in 2026, following tax relief and support measures.
Myth 4: The VAT increase shows that households are paying more
The Ministry of Finance attributes the increase in VAT revenue not only to prices but also to GDP growth, consumption, and tourism, as well as to a reduction in the VAT gap. According to the data it provides, the VAT gap fell from 24% to 9%, real consumption increased by 15.1%, and tourism receipts by 30%.
Myth 5: Taxes are rising despite announcements of cuts
ELAS argues that increased revenue from income and property taxes indicates a higher tax burden. The Ministry of Finance responds that the increase in revenue is not due to higher tax rates, but rather results from economic growth and efforts to combat tax evasion. It points out that income taxes and social security contributions have been reduced by 5.4%, and the ENFIA property tax by 35%.
Myth 6: Public debt isn’t really decreasing
In response to the claim that debt has increased in absolute terms and that the reduction as a percentage of GDP is merely an accounting trick, the Ministry of Finance responds that Greece has achieved the largest reduction in debt as a percentage of GDP in Europe in recent years, by nearly 63 percentage points. It links this development to the restoration of investment-grade status and the improvement in the country’s rating by the markets.
Myth 7: The reduction in debt is due solely to inflation
The Ministry of Finance argues that the decline in debt is not simply the result of a nominal increase in GDP, but is linked to growth, primary surpluses, and lower borrowing costs. It also notes that the debt is decreasing in nominal terms as well, from 364 billion euros in 2021 to 357 billion euros in 2026.
Myth 8: The government owes more to citizens
The Ministry of Finance’s response is that the 3.3 billion euros listed as overdue debts include 1.4 billion from pharmaceutical clawbacks and rebates, amounts that are periodically offset. Excluding these amounts, the actual overdue debt stood at 1.9 billion euros in December 2025, which is close to 2019 levels.
Myth 9: Poverty is on the rise
The Ministry of Finance responds that there is confusion between relative and absolute poverty. The relative poverty rate stood at 19.6% in 2025, but the poverty threshold rose from 8,195 euros to 11,700 euros because total incomes increased. In contrast, with a constant reference threshold, absolute poverty fell from 17.9% in 2019 to 11.3% in 2025.
Myth 10: The production model has not changed
The Ministry of Finance reports that the composition of the economy has changed, as investment rose from 11% of GDP in 2019 to nearly 17% in 2025. It adds that exports of goods and services have doubled compared to the pre-crisis period, reaching 40% of GDP, while manufacturing, manufacturing, and high-tech exports have strengthened.
Myth 11: Protection for primary residences was abolished
According to the Ministry of Finance, protection for primary residences had expired as of February 2019, while electronic auctions were introduced under the SYRIZA government. The current government cites the out-of-court settlement mechanism, through which, it states, debts totaling more than 19 billion euros have been settled.
Myth 12: Private debt is ballooning
The Ministry of Finance responds that the total amount of 407.6 billion euros also includes servicing debt, and thus also reflects credit expansion. At the same time, it notes that maturing private debt as a percentage of total private debt has decreased by nearly 13 percentage points since 2019, reaching 57% in the fourth quarter of 2025.
Myth 13: Non-performing loans were simply transferred to servicers
The Ministry of Finance’s position is that non-performing loans have also decreased in absolute terms. It reports that non-performing debts to financial institutions stood at 72.65 billion euros in the fourth quarter of 2025, down from 99.7 billion euros in 2018, representing a decrease of over 27 billion euros.
Myth 14: Citizens owe more and more to the tax authorities
Regarding debts to the Independent Authority for Public Revenue (AADE), the Ministry of Finance notes that of the 114.2 billion euros in overdue debt, at least 35 billion euros have been classified as uncollectible. It adds that the number of debtors has decreased by approximately 77,000 and that 75.5% of the total debt is concentrated among 0.27% of the debtors.
Myth 15: Social security is under pressure from new debts
The Ministry of Finance responds that a large portion of the debts owed to EFKA involves major debtors and old debts. Of the 51 billion euros, 21 billion euros are surcharges, while 27.5 billion euros come from businesses with debts exceeding 100,000 euros. It also notes that there are options for settlement through 72 installments and out-of-court arrangements.
Myth 16: Auctions have become a widespread phenomenon
The Ministry of Finance distinguishes between auctions and successful bids. It reports that successful bids account for an average of 24% of completed auctions, while in 2025 the rate was 21%. Specifically for residential properties, the percentage that results in an award is 10%, with no distinction made as to how many of these involve primary residences.
Myth 17: The out-of-court settlement mechanism is ineffective
The Ministry of Finance characterizes the data cited by the Hellenic Police as inaccurate and reports that by the end of May, there had been 62.600 successful settlements had been reached through out-of-court procedures, covering initial debts of 19.21 billion euros. It emphasizes that the number of settlements is increasing every year and that, starting in September, statutory protection for primary residences will be activated through this mechanism.
Myth 18: Vulnerable individuals are left unprotected
According to the Ministry of Finance, 9,800 applications to the out-of-court debt settlement program concern vulnerable debtors, and of these, 7,182 were successful. In addition, 460 involve people with disabilities who received a payment plan, while 531 cases proceeded to a payment plan using the advance payment measure. The 560 auction suspensions, as reported, relate to the Interim Program until the establishment of the Acquisition and Leaseback Agency.
Myth 19: Greece is not converging with Europe
The Ministry of Finance rejects the claim of non-convergence and cites the increase in per capita GDP at constant prices. According to its data, during the 2019–2025 period, growth in Greece was 12.7%, compared to 4.5% in the Eurozone.
Myth 20: Wages are rising only on paper
The Ministry of Finance reports that the minimum wage rose from 650 euros to 920 euros between 2019 and 2026, that is, by 41.5%, while the average wage in the ERGANI system increased by 30% during the 2019–2025 period. During the same period, cumulative inflation was 19.4%. Regarding pensions, it points out that the 16.4% increase does not reflect the full extent of the measures, as there have been additional subsidies, tax cuts, and changes for working retirees and individual adjustments.
