Greece – The path out of the financial crisis and lessons for Austria

Vienna, September 30, 2025: On September 29, the Vienna chapter of the Daughters of Penelope organized a high-level panel discussion at Webster Vienna Private University on the theme: “The Financial Recovery of Greece – and the Lessons for Austria.”
Moderated by Lydia Goutas, Governor of the Daughters of Penelope Pallas Athena Vienna and Managing Partner at Lehner Executive Partners, the event convened leading voices in finance and economics to reflect on Greece’s dramatic turnaround from crisis to recovery — and its urgent implications for Austria and Europe.

A Recovery Written in Sacrifice
Prof. Nikolaos Antonakakis reminded the audience that behind the economic data lies a human tragedy. At the peak of the Greek crisis, one in four citizens was unemployed, over a third lived below the poverty line, and public health deteriorated drastically.
“Economic policy cannot be a zero-sum tug-of-war game between fiscal health and social well-being. On the contrary, the two are deeply intertwined. The lesson is clear: never forget the people who must walk the road of recovery,” Antonakakis said.
He warned Austria to safeguard its middle class and social safety nets, calling social cohesion “a form of capital just as real as financial capital.”

Stability Requires More Than Numbers
Dr. Yiannis Stournaras, Governor of the Bank of Greece, joined online and emphasized that Greece’s recovery — regaining investment grade, stabilizing banks, and outpacing Eurozone growth — was only possible because of political stability, unflinching reforms as well as the strong will to stay in the EU.
“Greece was actually the midwife of history. Because of Greece many European institutions and member - states transformed themselves. If Greece had left the Eurozone, as many politicians, analysts and economists advised Greece at that time, the Eurozone would have disintegrated. Greece created stability by staying”, Stournaras stated.

Sovereign Risk: Europe’s “Elephant in the Room”
Dr. Andreas Dombret, former Bundesbank Executive Board Member, now Global senior Advisor Oliver Wyman as well as Senior Fellow at Columbia University, recalled witnessing Mario Draghi’s decisive “Whatever it takes” moment that safeguarded the euro. But he cautioned that sovereign debt risks remain unresolved: “The Greek crisis was not caused by the banks, but by the state – and we still lack a real solution for managing sovereign debt risk,” said Dombret. He added,” One reason Greece had the strength to recover arose out of a common will of the people.” 

Austria’s Position: Vigilance, Not Complacency
Dr. Thomas Steiner of the Austrian National Bank struck a note of cautious optimism, stressing that Austria is not Greece in 2010 but should heed the lessons of crisis escalation.“
Austria is not Greece – but crises can happen faster than we expect. That is why reforms and fiscal prudence are essential.”
He highlighted Austria’s diversified banking exposure in Central and Eastern Europe as a stabilizing factor, while warning that Corporate real estate risks and fiscal deterioration require strict oversight.

Dialogue into Opportunity
The discussion, attended by over a hundred senior executives and financial leaders, was more than an exchange of insights. Thanks to the sponsorship of Lehner Executive Partners and generous donations of many guests, 100% of donations will launch the Daughters of Penelope Scholarship, providing opportunities for a female Greek student to study at Webster Vienna Private University.

Lydia Goutas emphasized that the panel reflected the Daughters of Penelope’s dual mission: fostering civic dialogue and advancing education.
“We cannot afford complacency. Crises escalate quickly, but by combining fiscal discipline with social resilience, we can safeguard stability for future generations,” Goutas concluded.

Event Summary: Daughters of Penelope Panel Discussion

Pictures – Copyright: Daughters of Penelope Pallas Athena Vienna

Panel from le. to ri.: Thomas Steiner, Andreas Dombret, Althea-Maria Papoulias, Lydia Goutas, Nikolas Antonikakis Download >>	DOP from le. to ri.: Althea Maria Papoulias, Chrys Pappas, Lydia Goutas, Susanne Soumelidis, Julie Koptsas-Anastassiou, Tanya Lolonis, Christine Czerny Download >>	From le. to ri.: Jack Wagner, Q1 Capital, Thomas Steiner, OENB, Wolfgang Wainig, Tanya Lolonis Download >>	From le. to ri.: Reinhold Rehbichler, CTO Teambank, Michail Michalopoulos, Director of Operations & Project Management, Western Union International Bank, Roland Schaar, CTO Payone, Lydia Goutas, Ben Levit, CEO Bluechip Download>>

 Press Contact:
Lydia Goutas, eMail: l.goutas@lehnerexecutive.com

About Daughters of Penelope – Pallas Athena Vienna
The Daughters of Penelope is an international association of Greek women and philhellenes. Its mission is to promote Hellenism, education, philanthropy, social responsibility, as well as family and personal strength. Through educational initiatives, cultural events, scholarship programs, and support for homeless women in Vienna, they foster intergenerational bonds and social engagement.
More info: DOP Pallas Athena Vienna

About Webster Vienna Private University
Webster Vienna Private University is a globally recognized institution that offers an American-style education in the heart of Europe. The university is committed to academic excellence, a global perspective, and an open-minded campus environment. It is a fully accredited U.S. university in Austria.
More info: Webster Vienna Private University