Germany Backs Greek Candidate for Eurogroup President

Germany has announced its support for Greek Finance Minister Kyriakos Pierrakakis as the new Eurogroup president, according to Finance Minister Lars Klingbeil. The Eurogroup, comprising euro-using countries' finance ministers, will select its next leader on Thursday. Belgian Finance Minister Vincent Van Peteghem is the other candidate vying for the role.

Germany has thrown its weight behind Greek Finance Minister Kyriakos Pierrakakis in the race to become the next Eurogroup president, as confirmed by Finance Minister Lars Klingbeil in Brussels. This endorsement adds considerable momentum to Pierrakakis's candidacy.

The Eurogroup, a pivotal assembly of finance ministers from countries using the euro, is set to elect its new president on Thursday. The decision comes at a crucial time for the bloc, which relies heavily on this group's leadership to steer economic policy across the eurozone.

Alongside Pierrakakis, Belgian Finance Minister Vincent Van Peteghem remains a key contender for the presidency, reflecting the intense competition in this high-stakes election.

(With inputs from agencies.)