“we can’t be the only herbivores in a world of carnivores”

After four days of dense conversations, urgent questions and sharply different vantage points, Delphi Economic Forum XI comes to a close with a message that feels both sober and necessary: the shock of the new is no longer ahead of us — it is the environment in which we now operate.

What we heard in Delphi was not a single story of crisis, nor a simple narrative of resilience. It was something more complex: a world in which geopolitics, energy, technology, demographics, climate, security and trust are no longer separate challenges, but parts of the same equation. The war in Iran, the future of Ukraine, Europe’s competitiveness gap, the rise of AI, demographic decline, migration, disinformation and the pressure on institutions all pointed to one conclusion — disruption is now structural.

This sense of rupture was echoed by Paolo Gentiloni, former EU Commissioner of Economy (2019-2024) and Prime Minister of Italy (2016-2018), who described the current moment as a fundamental break from the past, marked by the collapse of the old global order and the “weaponization of the world economy”. In such an environment, he argued, Europe must adapt to a far more competitive and unstable reality, warning that “we can’t be the only herbivores in a world of carnivores”.

And yet, the conversation did not remain trapped in alarm. Time and again, speakers returned to a more demanding question: capacity. The capacity of Europe to act with greater coherence; of Greece to turn recovery into productivity; of institutions to rebuild trust; of businesses to innovate without losing sight of people; of societies to protect openness without becoming defenseless.

If there was a thread running through this year’s discussions, it was the need to move from reaction to design. Energy security cannot rely only on emergency measures. Growth cannot rely only on recovery momentum. Technology cannot be treated only as acceleration, without governance, skills and purpose. Defense cannot remain fragmented. Demographics cannot be addressed through isolated benefits. Trust cannot be restored through communication alone.

This is, perhaps, what Delphi does best: it slows the noise just enough for patterns to emerge. In a world defined by speed, it creates space for interpretation. In a moment of fragmentation, it insists on dialogue. And in a year shaped by “The Shock of the New”, it reminded us that the new does not arrive only as threat — but as responsibility: to understand faster, cooperate better and choose more deliberately.

The 11th Annual Meeting of the Delphi Economic Forum leaves us, then, not with certainty, but with direction. The task ahead is not to wait for stability to return, but to build the systems, alliances and habits of mind that allow us to operate within instability — with clarity.

Until we meet again, in Delphi.

Michalis Chrysochoidis, Minister of Citizen Protection, said security has become “the dominant request”, citing changing patterns of violent crime, rising youth violence and organized group attacks. He described domestic violence as deeply alarming, with 100 to 120 daily complaints, 50 to 60 arrests and broader use of police protection tools, while noting that “the positive thing today is that women have been encouraged and are speaking. The positive thing is that there is protection”. Chrysochoidis also highlighted action against organized crime, cigarette smuggling, corruption, sports violence, fraud networks and traffic violations through specialized units and smarter enforcement.

Minister of Tourism Olga Kefalogianni noted that Greek tourism continues to operate amid successive shocks, from economic instability and the pandemic to the war in Ukraine and Middle East tensions but stressed that the sector has shown resilience and maturity. “There is no reason for concern for Greek tourism”, she said, adding that initial demand hesitation has stabilized. Kefalogianni highlighted a shift toward year-round tourism, diversified markets, mountain tourism, and balanced growth, emphasizing “measure and balance” to protect destinations, communities, and long-term competitiveness.

Dimitris Mantzos, Parliamentary Representative and Member of the Hellenic Parliament of PASOK – Kinima Allagis, framed progressive migration policy as rooted in human dignity and the EU’s foundational values, while addressing root causes such as conflict and lack of development. “Migration is not a problem, migration is a phenomenon”, he said. Mantzos emphasized integration, legal pathways, humanitarian and development aid and more effective asylum and return procedures, while warning against rising xenophobia and calling for renewed efforts to educate society.

Director-General for Taxation and Customs Union at the European Commission Gerassimos Thomas argued that Europe’s taxation challenge lies in the mix, not the overall level, noting that “citizens are taxed. Labor is overtaxed”. He said labor provides around half of EU tax revenues, while corporate, energy and excise taxes contribute far less, creating pressure as demographics, debt and defense needs grow. Thomas emphasized tax fairness, VAT gap reduction, green taxation, customs reform and AI-driven institutional adaptation, stressing that “it is the mix that is the problem”.

State of the World
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Positioning Kazakhstan as a strategic transit hub, Alibek Kuantyrov, Deputy Minister of Foreign Affairs of Kazakhstan, noted that 80% of overland trade between China and Europe passes through the country and highlighted development of the Trans-Caspian Middle Corridor. He identified infrastructure, logistics, environmental technologies, fintech, AI, and e-government as key areas for collaboration. Kuantyrov stressed Kazakhstan’s shift toward value-added production and human capital development, adding that “we want Greek companies to work together with us”.
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Responding from the Greek side, Deputy Minister for Foreign Affairs of the Hellenic Republic Harry Theoharis emphasized that strong bilateral economic ties begin with frequent political engagement and structured frameworks. He outlined a path from business missions and forums to vetted joint projects, potentially involving multiple countries given the distance between Greece and Kazakhstan. Theoharis said economic cooperation can progress despite political disagreements — “we can work even if we have political differences” – while stressing that it cannot replace political rapprochement. He urged Greece to expand its presence in Central Asia and choose cooperation over confrontation.
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Assessing the impact of sanctions on Russia, Founder of Open Russia Foundation Mikhail Khodorkovsky argued that some measures have been counterproductive, curbing capital flight and indirectly supporting the war effort. He called for flawed sanctions to be reassessed, saying the sooner mistaken measures are reviewed, the better. Khodorkovsky highlighted Russia’s diversified economy and China’s growing role identified the European energy boycott as particularly effective, and urged talent visas for skilled Russian professionals alongside cultural engagement that excludes pro-regime figures.
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Charles Hecker, Journalist, Author and Geopolitical Risk Consultant, described sanctions as an unprecedented and experimental policy shaped by uncertainty and external factors such as energy prices. He argued that their effectiveness cannot be judged in isolation and stressed the need for a comprehensive approach, particularly targeting energy revenues. Hecker also warned that Europe risks a strategic mistake by failing to integrate skilled Russian expatriates, pointing to their economic value and strong ties to European systems.
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Reflecting on Europe’s role in space exploration, Adrianos Golemis, Astronaut in Training (Greece / ESA) and Lead ESA Flight Surgeon at MEDES for ESA Hellenic Space Center, noted that missions such as Artemis II rely on a European service module to power the US crew module. He said the mission provides insights into autonomy, communication delays, lunar-orbit operations, radiation and microgravity research. Golemis stressed that “we overcome fear through understanding”, calling for stronger awareness, investment and human capital in the space sector.

From Procurement to Strategy

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President of Grant Thornton Consulting Nikolaos Karamouzis opened the discussion by outlining the geopolitical shifts reshaping Europe’s defense landscape and the growing push for strategic autonomy. He highlighted the investment opportunities emerging from Europe’s new defense agenda, framing the discussion around how Greece can strengthen its domestic defense ecosystem and position itself within this evolving architecture.
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Panagiotis Papageorgiou, Executive Board Member of Hellenic Center for Defense Innovation, argued that defense innovation is no longer “wishful thinking” but a distinct investment category backed by long-term demand, de-risking mechanisms and dual-use flexibility. Papageorgiou added that Greece’s main gap is not talent or ideas, but the pathway from prototypes to operational testing, defense planning, interoperability and European buyers.
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Ioannis Kaltsas, Head of Investment Team for Greece and Cyprus at the European Investment Bank (EIB), explained that the EIB can support dual-use and defense-related investments, while noting that purely defense activities without civilian application remain outside its scope. He emphasized support for venture funds, venture debt, bank cooperation to reach SMEs, and financing that can attract foreign investment and know-how to Greece. Kaltsas identified Europe’s fragmented capital markets as a structural barrier, arguing that deeper financial integration is needed for larger-scale security and defense investment.
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On Greece’s defense industrial potential, Costas Papadopoulos, Executive Director South East Europe at Lockheed Martin Corporation, argued that the country can benefit from Europe’s new defense agenda if investments are targeted and strategically planned. He cautioned against urgent procurement without proper preparation. “To go and buy something now simply because we need it now, without planning, is the lazy solution”, he remarked, stressing industrial participation, coordination and know-how transfer.

Dual-Use Dilemmas 
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Lauriane Héau, Researcher in the Dual-Use and Arms Trade Control Programme at SIPRI, warned that as universities, research institutes, spinoffs and other organizations become more involved in dual-use research, the risk grows that sensitive technologies may be diverted, leaked, or misused, including in ways that could violate human rights or international humanitarian law. She noted that states are using sanctions, investment screening, export controls and research security tools to manage these risks. Héau stressed that policies promoting dual-use research and policies protecting security remain insufficiently connected.
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Researcher at the University of Liège Veronica Vella noticed Europe’s research funding environment is clearly changing, with rhetoric and politics moving quickly while institutional and practical change may take longer. She remarked that the Commission has proposed a new regulation for the next framework program removing “civilian-only” wording, opening the way for more dual-use research. Vella said the EU is moving fast compared with its 40-year policy history but described the likely outcome as gradual adaptation rather than a total revolution.
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On the changing direction of technological transfer, Georgios Giannopoulos, Acting Director at the Joint Research Centre of the European Commission, said the current shift is from military-developed technologies moving into civilian use to civilian technologies entering the military domain. He identified the threat landscape, the geopolitical environment, and joint procurement or economies of scale as key drivers of dual-use technologies. “Practically all technologies with very small exceptions are dual-use”, he said, adding that the EU needs agreement on a common set of threats to guide development.
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Branislav Aleksic, Head of Foreign Trade Law and Corporate Security Department at Fraunhofer-Gesellschaft, described research institutes as moving toward a dual-use mindset without abandoning their civil mission. He pointed to software, materials, critical components and AI as areas with clear dual-use and military potential. Aleksic identified bottlenecks in export controls, research security, institutional culture and uneven national understanding, noting that Europe’s challenge is whether it can scale dual use comprehensively and with less fragmentation.

A Progressive Migration Policy for Europe  
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Heracles Moskoff, Secretary General for Vulnerable Persons and Institutional Protection at the Greek Ministry of Migration and Asylum, emphasized that the core challenge in migration policy is implementation rather than commitments. He highlighted the need for trained frontline professionals, societal trust, and a less “toxic” political dialogue, while balancing border and human security. Moskoff pointed to successful child protection interventions and stressed public-private cooperation, saying this work cannot be done alone. He also underlined the need for sustainable funding, clear refugee-migrant distinctions, return mechanisms and integration pathways.
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Setting out a framework for humane migration policy, Chairman of European Stability Initiative (ESI) Gerald Knaus outlined four conditions: protecting asylum, ensuring dignity, preventing deaths at sea and maintaining public support. He argued that new EU legislation makes such a model feasible and proposed a coalition of willing states to implement third-country asylum processing, calling it “a game changer”. Knaus criticized the current system as politically toxic and morally catastrophic, arguing that safe external processing could reduce irregular flows while preserving fundamental rights.

A Message From Growth Awards: Bending the Norm 

The Growth Awards institution has consistently highlighted business excellence and creative boldness. This initiative by Eurobank and Grant Thornton honors companies that transform vision into action, innovation into competitive advantage, and challenges into opportunities for sustainable advancement, transforming “Bending the Norm” into their daily routine. These awards reflect the momentum of a Greece that evolves, invests in knowledge and collaboration, and confidently strengthens its role within the international business environment.

Environmental Advocacy in the Age of Denial
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Sophie Daskalaki-Mytilineou, Chair of the Board of UN Global Compact Network Greece, outlined the initiative’s role as a global framework for corporate sustainability, structured around human rights, labor standards, anti-corruption and environmental protection. She emphasized its practical focus on turning commitments into action, particularly on climate, noting that “we help companies turn their words into action” through knowledge transfer and shared best practices.
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Executive Director Corporate Affairs at Nova Greece Martha Kesisoglou described the company’s shift from post-disaster restoration efforts to a broader sustainability strategy, including civil protection tools and support for businesses. She highlighted a new initiative to fund assessments of climate change’s macroeconomic impact on Greece’s GDP, noting that “we entered a ‘walk the talk’ process”. Kesisoglou said technology companies can contribute through digital solutions for emergency response and crisis management, while stressing targeted communication and corporate advocacy.
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Kanella Exarchakou, Head of Cabinet at the Ministry of Education, Sports and Religious Affairs, stressed education’s role in fostering critical thinking and shaping future attitudes toward sustainability. She noted that the goal is not only knowledge transfer but helping students ask the right questions. “The problem requires interdisciplinarity, as climate change is not only technical but also social”, she said, highlighting experiential learning and inclusion as key tools.
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Addressing the gap between science and public acceptance, George Dikaios, Marie Curie Fellow at Leiden University, noted that “it is much harder to convince the broader public that we all need to move toward a more environmentally friendly transition”. He emphasized that Europe’s progress remains insufficient and highlighted youth-led, interdisciplinary initiatives as a way to strengthen participation in environmental decision-making.
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Manolis Plionis, Full Professor in the Department of Physics at Aristotle University of Thessaloniki, argued that climate change is no longer a matter of debate but of how to respond. “It is no longer a question of trust in scientists — it is a fact”, he said. Plionis warned that public trust is undermined when citizens do not see lower everyday costs from the green transition, stressing the need for clearer boundaries between science, policy, and media narratives.

Demography Driven Competitiveness 
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Akis Skertsos, Minister of State for the Coordination of Government Policies at the Presidency of the Government of the Hellenic Republic, described demographic decline as a global challenge shaped by modern social and economic realities. He pointed to the “prosperity paradox”, noting that several high-income countries have fertility rates below replacement level. Skertsos stressed that “the demographic problem is not unsolvable, but requires long-term, holistic policies”, adding that Greece has made it a national priority with €20 billion allocated over nine years.
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Group Chief Marketing Officer of Eurobank Michalis Vlastarakis said the bank began focusing on demographics five years ago, identifying population decline as one of Europe’s greatest challenges. “Greece is shrinking, Europe is shrinking”, he noted, explaining that surveys show younger Greeks rank well-being, career development, relationships, and travel above starting a family. “We commit to pets, we don’t commit to children”, he said. Vlastarakis outlined Eurobank initiatives in border regions, islands, and Evros, including free IVF, family support, remote work, entrepreneurship tools and special mortgages.
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Tomasz Koźluk, Economic Counsellor to the Chief Economist of OECD, described aging as “peculiar megatrend because we actually do know a lot about it”, since fertility rates and life expectancy are broadly predictable. He noted that the ratio of people over 65 to working-age populations has shifted from one in ten in the 1960s to around one in three today and may reach one in two in coming decades. Koźluk warned that aging will pressure pensions, healthcare, labor supply and productivity.
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Addressing how societies can respond to population decline, Professor of Demography at Bocconi University Arnstein Aassve emphasized stronger education systems, welfare reform, and broader institutional adaptation. Pointing to the shrinking size of younger generations, he warned that this creates challenges for political representation and policymaking. Aassve stressed that “today’s welfare states were built for demographic conditions that no longer exist”, making resilience and institutional redesign essential.

Greece as a Defense Cooperation Hub
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Stig Thorgersen, Partner and Global Consulting Government and Defense Leader at EY, argued that Greece would be stronger if it moved from being “a net buyer of defense systems” toward a more balanced position, and potentially a defense exporter. He stressed that no mid-sized or smaller European country can be “totally sovereign”, making alliances essential. Thorgersen said Greece should build an ecosystem linking government, research centers, academia, and industry, while leveraging AI, manufacturing, ports, NATO-related programs, European partnerships and government-to-government cooperation.
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On Greece’s role in Eastern Mediterranean security, Panayiotis Hadjipavlis, Defence Director at the Ministry of Defence of the Republic of Cyprus, emphasized Greece’s legal obligations as a guarantor of the Republic of Cyprus, moral obligations toward Greek Cypriots, and political reasons tied to the region’s strategic importance. He described the Eastern Mediterranean as “VUCA”, referring to vulnerability, uncertainty, complexity and ambiguity, and said Greece’s support demonstrated “resilience and readiness”. Hadjipavlis called for deeper defense cooperation, fewer bureaucratic burdens and a cultural shift, arguing that “Greece should be a smart power”.
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CEO of ICEYE Greece Vasilis Chaloulakos noted that the presence of a young space company alongside major players such as Lockheed Martin showed that “something is changing in defense”. He explained that ICEYE’s radar microsatellites provide “24/7 all weather” imaging with resolution as precise as 25 centimeters, making them highly relevant for defense and intelligence users. Chaloulakos stressed that Greece “cannot afford not knowing what’s happening in its neighbourhood”, while emphasizing speed, engineering talent, interoperability, and cooperation across the local ecosystem.
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Roberth Toth, Business Development Analysis VP of Lockheed Martin Aeronautics USA, described Greece as a long-standing cooperation hub for Lockheed Martin, with ties dating back to 1943 and cooperation with Hellenic Aerospace Industry (HAI) since 1976. He noted that “all of the substructures for the fuselage” of the C-130J — the military transport aircraft — come from Greece, underscoring the country’s role in the production chain. Toth said Lockheed Martin views the C-130J as “the best in class airplane for Greece”, pointing to long-term cooperation, jobs, technology transfer and aerospace and defense opportunities.
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Yannis Maniatis, Member of the European Parliament, Vice President of the S&D Group, and former Minister of Environment, Energy and Climate Change of Greece, warned that Greece lacks a national strategy for engaging with Europe’s evolving defense industrial framework. He argued that combined European funds and national defense budgets could bring defense-related spending to “about 4 trillion euros” over seven years, making it urgent for Greece to define its own strategy and help SMEs participate in European projects. He also emphasized European autonomy and the principle of “design authority”.
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Nikolaos Papatsas, Board Member of EFA GROUP and Vice President of the Hellenic Aerospace Security and Defense Industries Group (HASDIG), identified two main challenges for Greece’s defense industry: institutional and organizational weaknesses, and limited industrial depth. He argued that state-owned defense industries need reform through professional management, discipline and delivery, while private industry has developed high-tech capabilities in C4I systems, sensors, UAS, and AI. Papatsas said Greece should move from being a buyer to “also a producer or a manufacturer”, with investors needing government clarity, firm orders, sustained business and a stable investment profile.

Politics in the Age of Fragmentation 
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Deputy Minister to the Prime Minister and Government Spokesman of the Hellenic Republic Pavlos Marinakis reiterated that national elections will be held in 2027, saying polls capture only a moment while elections judge a full four-year term. Addressing the OPEKEPE case, he acknowledged its seriousness, stressed that guilt or innocence is for the judiciary to determine, and noted that the 13 MPs involved requested the lifting of their own immunity. Marinakis also pointed to 600,000 new jobs and said future economic measures will focus on businesses, SMEs, and the middle class.
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Spokesperson for New Democracy party Alexandra Sdoukou contrasted past campaigns built around central slogans, posters, rallies and balcony speeches with today’s fragmented communication across audiences, ages and regions. She stressed that digital platforms have turned politics from one-way broadcasting into immediate interaction, where messages are instantly challenged or reshaped. Sdoukou described public feedback as useful for correcting mistakes and staying connected to society, but warned that social media also fuels misinformation, toxicity, fake accounts and deepfakes.
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Konstantinos Zachariadis, Spokesperson of SYRIZA – Progressive Alliance, observed that politicians traditionally struggled to gain prominence without mediation from television channels, newspapers and major outlets. He noted that digital platforms such as websites, X and TikTok have disrupted this model, reshaping how political visibility is created. Zachariadis said audiences now consume shorter and faster content, remarking that “if a text is over 700 words, even I cannot read it at night”, while warning that real news is often lost amid information overload, misinformation and agenda-setting.
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Reflecting on the changing nature of political communication, Andreas Spyropoulos, Secretary General of the Central Commission of Panhellenic Socialist Movement – Kinima Allagis, noted that all generations now rely heavily on digital platforms for news, including older citizens using Facebook. He argued that leading news websites also shape narratives through repeated headlines and coordinated messaging. Spyropoulos said daily pressures leave citizens little time for in-depth reading, weakening political analysis in favor of images, headlines and spectacle, and questioned whether public debate should be based on arguments or propaganda.

Next-Gen Politics
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Member of the Parliament for PASOK Manolis Christodoulakis argued that younger generations are shaped by everyday economic pressures, from high rents and rising food costs to expensive energy, which directly influence their political outlook. He stressed that youth disengagement is often overstated, noting that “young people today are not less politicized… they may have looser party ties, but political sensitivity clearly exists”. Christodoulakis added that political participation must become a shared responsibility rather than something “marketed” to citizens.
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Vassilis Koutsoumpas, Digital Policy and AI Adviser at the Office of the Prime Minister of the Hellenic Republic, highlighted the structural conservatism of political systems in adapting to technological change, stressing that policymakers must better understand and prioritize technology. He emphasized the integration of digital tools into governance and the need for continuous learning, noting that “digital humility is required” and that “governments must move against their natural tendency to avoid risk”. Koutsoumpas also pointed to the lack of incentives and exposure discouraging young people from entering politics.
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Addressing youth participation through the lens of economic security, Lefteris Karchimakis, Programme Coordinator at PASOK, argued that meaningful political engagement requires basic needs to be secured first. He noted that “what has been missing from the political scene is an open discussion about issues concerning the 18–40 generation”, and presented proposals on demographic challenges, including public support for fertility services.
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Porfylenia Kanellopoulou, Legal Advisor, pointed to a shift in how younger people engage with politics, stressing that “young people today are not less interested in politics, but have changed the way they participate”. She noted that many now choose channels outside traditional party structures and underlined the need to create more space for youth voices. Kanellopoulou warned that “the new generation will fail in politics if it remains absent and does not turn its voice into presence and participation”.

Navigating Misinformation
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Dimitris Kirmikiroglou, Secretary General of Communication and Media of the Presidency of the Greek Government, emphasized the need to combat disinformation without slipping into censorship. He framed critical thinking as the first line of defense, invoking “Know thyself”, and highlighted “Parisia” as both the courage and duty to speak truthfully. Kirmikiroglou outlined a national strategy built on state coordination, European regulatory alignment, institutional trust and social resilience, stressing education, media literacy, and cooperation between government, academia, civil society and the media.
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Focusing on the democratic consequences of disinformation, Lamprini Rori, Assistant Professor in Political Analysis at National and Kapodistrian University of Athens, argued that shared factual ground is essential for accountability. Presenting findings from three surveys, she noted that susceptibility is not driven mainly by age, gender, education, or political identity, but by anti-system attitudes, low interpersonal trust, and reliance on alternative or ideologically driven information sources. Rori identified “the lack of trust in the institutions of knowledge” as central, stressing the need to cultivate critical thinking early in education.
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Associate Professor at Vrije Universiteit Brussel Antonis Kalogeropoulos highlighted Greece’s heightened vulnerability to disinformation, citing comparative research and longitudinal data. He pointed to structural factors including widespread social media news consumption, very low trust in traditional media, polarization, and populism. “Greece is simply a country that is quite vulnerable to disinformation compared to other European countries”, he noted, adding that no single trusted media outlet serves as a common public reference point. He urged young journalists to prioritize depth over speed and research before publication.

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