Prime Minister Kyriakos Mitsotakis has warned that the widening conflict in the Middle East could trigger a severe global economic downturn, even as he rejected calls for early elections despite his party's strengthening position in domestic polls.
In an interview with iefimerida.gr, Mr. Mitsotakis said the escalation following military strikes between Iran, Israel, and the United States has evolved into a broad regional crisis threatening global trade routes and energy stability.
He said the conflict has now reached the "doorstep of the European Union," creating a high risk of renewed inflationary pressures across the continent.
"If the war continues and the physical flow of oil and gas is disrupted, particularly through the Strait of Hormuz, the consequences for the global economy will be extremely significant," Mr. Mitsotakis said.
Approximately 20% of the world's liquefied natural gas and oil passes through that specific corridor.
The prime minister’s warnings come as Greece prepares for potential secondary shocks.
To mitigate "greedflation" linked to rising oil prices, the government has already implemented emergency caps on profit margins for fuel and 61 categories of essential supermarket goods. Mr. Mitsotakis stated that while these measures are an initial defense for households, his administration remains ready to provide further targeted support if the crisis deepens.
Turning to national security, Mr. Mitsotakis highlighted the recent deployment of Greek frigates and F-16 fighter jets to Cyprus as a successful exercise in deterrence.
He noted that while Greece was prepared to act unilaterally to protect the island, the deployment successfully mobilized a broader European military presence.
"Cyprus should never feel alone," Mr. Mitsotakis said, adding that the move reinforced Greece’s role as a pillar of stability in the Eastern Mediterranean.
Despite the geopolitical turmoil, the prime minister moved to quash persistent rumors that he might capitalize on his party’s 18-point lead in recent polls to call for a snap vote.
"I categorically reject any discussion about early elections," Mr. Mitsotakis said. "Our aim is to complete the full electoral cycle through 2027."
Mr. Mitsotakis argued that political continuity is Greece’s primary competitive advantage during a period of international "turbulance."
He acknowledged that after nearly seven years in power, the public has become more demanding of his New Democracy government, but he insisted that the current mandate is sufficient to see through major structural reforms.
Among those reforms is a significant push for energy independence. Mr. Mitsotakis pointed to a recently ratified agreement with Chevron that will see exploratory drilling begin in the Ionian Sea within 18 months—the first such activity in decades. He also cited the "Vertical Corridor" project, which positions Greece as the primary gateway for natural gas flowing to southeastern and eastern Europe.
"In a turbulent international environment, Greece is stronger and more stable than it was just a few years ago," Mr. Mitsotakis said.
He concluded that the country’s upgraded geopolitical and geoeconomic status is essential to weathering the current Middle East crisis without derailing the national recovery.