Mitsotakis pitches Greek recovery to Wall Street chiefs and announces 2027 offshore gas drilling

Wall Street meetings and borrowing costs

During his visit to New York on the sidelines of the United Nations General Assembly, Greek Prime Minister Kyriakos Mitsotakis met separately with Citi Chief Executive Jane Fraser and Bank of America President for International Bernard Mensah. Discussions with the banking executives centered on Greece's fiscal path, energy market conditions, and incoming investments. Mitsotakis reiterated that maintaining a prudent fiscal policy is the foundation for achieving primary surpluses and reducing sovereign debt. He stated that Greek sovereign borrowing costs in 2026 have dropped below those of four G7 economies: the United States, the United Kingdom, France, and Italy. The meetings also covered industrial investments, renewable energy expansion, administrative AI adoption, and data center developments, including the partnership between Public Power Corporation and Amazon Web Services.

Offshore energy and gas drilling plans

At a luncheon with Greek-American diaspora representatives in New York, Mitsotakis announced plans for offshore energy exploration. An exploratory natural gas drilling operation is scheduled for the spring of 2027, conducted by a consortium of ExxonMobil and a Greek partner firm. The project represents Greece's first exploratory drilling campaign since the 1970s. Mitsotakis described domestic energy development as central to national resilience, noting that Greece is shifting from an importer to a regional gas exporter supplying markets in the Balkans and Eastern Europe. He also cited government initiatives at the European Union level designed to control retail prices for heating oil and fuel.

Energy security and energy independence are critical elements of geopolitical power.

Economic indicators and labor market shifts

Mitsotakis reviewed Greece's macroeconomic indicators during his diaspora address, arguing that the country has restored international market credibility and outpaced many European Union partners in economic growth. Greek sovereign debt yields remain below 4%, reflecting fiscal stability after a decade-long financial crisis. Unemployment decreased from 18% in 2019 to below 8% in 2026, accompanied by the creation of approximately 600,000 jobs. He pointed to signs of reverse migration among professionals, following a period where more than 500,000 Greeks emigrated to seek employment abroad. Mitsotakis also cited the €2 billion support package announced in Thessaloniki for households managing living costs, asserting that targeted relief remains compatible with budget surpluses.

Political agenda and regional diplomacy

Turning to the 2027 general elections, Mitsotakis stated that his objective in seeking a third term is to make economic and institutional changes irreversible rather than setting political records. He recognized that long tenures in government increase public appetite for change, requiring his administration to work twice as hard to persuade voters. Mitsotakis encouraged the Greek diaspora to participate in the vote using postal ballots. In his remarks on regional policy, he pointed to Greece's expanded defense program and border management while addressing bilateral ties with Ankara.

Greece is a peaceful country and we always seek to maintain good and constructive relations with our neighbours, especially Turkey. We do not threaten anyone, but we will not accept threats from anyone.