Kyriakos Pierrakakis, the Greek Minister of Finance, will run for the presidency of the Eurogroup, following the resignation of Paschal Donohoe.

The Greek Minister of Finance, Kyriakos Pierrakakis, will announce his candidacy for the presidency of the Eurogroup, an essential body in coordinating fiscal policy in the euro area. The announcement will be made on Friday, ahead of the deadline set by Brussels. Eurozone finance ministers will meet on December 11 to elect the new head, following the unexpected resignation of Paschal Donohoe, who led the Eurogroup for over five years.

Pierrakakis, who has held the position of finance minister for eight months, has earned the respect of his European colleagues, considering that Greece has regained 'investment-grade' status and is experiencing rapid economic growth. His candidacy is seen as a symbol of Greece's economic success. The Eurogroup has had only four permanent heads in the last two decades, and now the number of eurozone member states is 20, with Bulgaria on track to become the 21st member.