Greece preparing for all possible scenarios to secure energy supply, Economou says

At least initially, he added, Greece did not appear to be among the countries that will immediately or quickly face problems, provided events follow the scenarios that have been examined.

While Athens hopes that logic will prevail and a peaceful resolution will be found, it is preparing for various alternatives to ensure adequate supplies of natural gas and the ability to generate electricity, covering any shortages from alternative sources.

He noted that this included changing the mix of natural gas and other fuels used to generate electricity, such as using LNG.

Economou noted that Greece, while identifying with its partners in the EU and NATO as regards the crisis in Ukraine, also had its own channels of communication with Russia on a bilateral level, which could be useful for Greece but also more widely.

Regarding the government's decision to not reduce VAT or the special fuel tax as a means to mitigate price hikes, he said there was no evidence that lower VAT would reduce prices on the shelf, while it would deprive the government of revenue needed to fund the social state and execute the budget.

The country must avoid being "led to the recipes and thinking of the past...that will take us many steps back," he added, stressing that the government will take steps to mitigate the impact of high prices on households and businesses in a targeted way while protecting the economy and its prospects.

"There is no country in Europe that has given more money than Greece to support the citizens," Economou added.