Greece: Mitsotakis Cautious on AI and Focused on Technological Appeal

Kyriakos Mitsotakis acknowledges that he does not have all the answers regarding AI, supports the idea of slowing its development, and considers "smart regulation" inevitable. At the same time, he presents concrete arguments to anchor technological activities in Greece, from Microsoft and AWS data centers to tax incentives, while announcing a ban on social media for those under 15 starting in January.

Slow Down if Necessary, Regulate Inevitably, and Anticipate Jobs

Kyriakos Mitsotakis asserts that the job displacement associated with AI is inevitable and that neither governments nor companies are prepared for the speed of this phenomenon. He aligns himself with leaders of cutting-edge AI labs who call for a slowdown in development. According to him, if model designers admit they do not really understand what is happening in these systems, particularly regarding their self-improvement, they should be listened to. He believes that some form of "smart" regulation is inevitable and that the United States will largely shape its contours, while adding that Greece would be willing to host these discussions. He emphasizes that humanity has created a form of intelligence that is rapidly surpassing human brain capacity, raising the question of what it means to be human. He also sometimes expresses the feeling of "fighting yesterday's battle" in the face of AI.

Data Centers: Advanced Projects with Microsoft and AWS, No Notable Reaction

Greece is seeking to attract investments in data centers. Kyriakos Mitsotakis claims he does not observe significant opposition to these infrastructures in Greece, despite growing resistance elsewhere related to their electricity and water consumption. Microsoft is establishing a set of data centers in the Athens region. AWS recently formalized a partnership with the country's main public utility company to create the largest data center in the country on a former coal mining site. According to the Prime Minister, these initiatives are receiving a favorable reception at the local level.

Finances and Digital Infrastructure: Debt Decreasing, Bonds at 4.3%

Kyriakos Mitsotakis asserts that Greece is reducing its debt at a record pace and borrowing at a lower cost than the United States. In a context where Eurozone rates are lower, the yield on Greek 10-year bonds stands at around 4.3%, compared to about 5% for U.S. Treasuries, a stark contrast to 2012 when Greek yields exceeded 40%. The government also highlights digital investments: a significant portion of the 36 billion euros in post-COVID recovery funds has been directed toward infrastructure, including an online administrative portal and a supercomputer assembled with the help of Hewlett Packard Enterprise in Lavrio, which is expected to be operational in a few months to support AI and scientific research.

Taxation, Work, and Markets: Focus on MSCI Status and Talent Returns

MSCI forecasts that Greece will regain developed market status next year. In this context, Athens has modified the taxation of stock options, relaxed labor rules, and offers returning Greeks significantly reduced taxes for up to seven years. The strategy outlined by Kyriakos Mitsotakis is to reclaim the talent that left during the debt crisis and to take advantage of the increased difficulty in obtaining U.S. work visas to encourage founders to hire in Greece. He mentions a revival of public universities, now suppliers of startups, and believes that the economy is no longer perceived as a special case.

School and Youth: Pilot with OpenAI and Ban on Social Media for Under 15s

Greece has conducted an educational experiment with OpenAI aimed at easing the administrative burden on teachers. Kyriakos Mitsotakis considers that personalized AI tutors are of interest, while noting that the benefits depend on maintaining foundational learning. He warns that students are already using chatbots to do their homework. Regarding the protection of minors, a ban on social media for those under 15 is set to take effect in January, although he believes this measure may already be outdated in light of the appeal of AI chatbots.

California Tour and Economic Diplomacy

Kyriakos Mitsotakis traveled to San Francisco to promote Greece during an Endeavor Greece event, which he describes as an exploratory mission. He visited Tesla and Sequoia Capital and planned to stop by the United Nations General Assembly in New York later that week. The trip also aimed to forge connections with tech players considering establishing a presence in Greece. Holding a master's degree from Stanford, he describes this return to the Bay Area as a "homecoming." About 250 people attended the event.