Mr. Evangelos Mytilineos, Chairman and CEO of METLEN, addressed key issues affecting the global economy and geopolitics during his speech on Monday, March 17, at the "Greece After VIII" Conference organized by the “Circle of ideas for the national reconstruction”. He highlighted the challenges and risks facing Europe, as well as the strategic steps Greece must take to ensure its energy and geopolitical security.
Firstly, Mr. Mytilineos raised the issue of tariffs, emphasizing that they are not merely an economic matter but a political tool with a punitive dimension, particularly from the U.S. towards Europe. He also pointed out that tariffs, like sanctions, never result in winners—only losers. He noted that they fuel inflation and have recessionary effects, first impacting the U.S. itself and subsequently affecting the global economy, Europe, and ultimately Greece.
Continuing his remarks, he addressed Europe's mistakes, particularly its over-reliance on cheap energy from Russia. He stressed that investments in FSRUs should have been made in time to better prepare Europe for energy crises. Additionally, he argued that the European Commission miscalculated both Europe's dependence on Russian energy and its energy autonomy.
Regarding Europe's broader strategy, Mr. Mytilineos underscored the need for a more effective foreign policy, warning that Europe is in a disadvantaged position because its leadership pursued a defensive strategy without taking into account the shifting political landscape in the U.S.
Regarding defence, he underlined that Greece must invest in its domestic defence industry, which already possesses significant expertise and know-how, rather than losing the added value it rightfully deserves in the evolving geopolitical environment.
Finally, Mr. Mytilineos referred to Greece’s recent credit rating upgrade by Moody’s, describing it as a highly positive development for the country. He noted that this upgrade strengthens Greece’s economic prospects by improving its standing in the global economy and enhancing its ability to attract foreign investment. He also pointed out that the Greek economy is poised to regain its status as a developed market, anticipating significant capital inflows in the near future.
