In an exclusive interview for Business Partners, Michalis Vlastarakis, Group Chief Marketing Officer at Eurobank, speaks with Dr. Venetia Koussia, Chair of AmCham Greece’s Employment Committee, about one of Greece’s most critical longterm challenges, the demographic crisis, and about how Eurobank has made demographic sustainability a core pillar of its corporate responsibility agenda. A seasoned executive with deep insight into strategic communication and social impact, Vlastarakis reflects on the scope and urgency of the issue, the role of the private sector in supporting young families, and Eurobank’s initiatives to help reverse negative demographic trends, while he also shares his thoughts on how meaningful change can be achieved through collective responsibility and longterm vision.
In your role as Group Chief Marketing Officer, you’re at the forefront of shaping Eurobank’s public image and social footprint. How did the issue of Greece’s demographic challenge emerge as a strategic priority for the bank?
Eurobank’s “Moving Family Forward” initiative which addresses demographic issues, was launched in celebration of the 200th anniversary of the start of the Greek Revolution. Our goal is to invest in something meaningful for all Greeks and create a lasting, cumulative impact. I firmly believe that we could not have done anything more impactful than our demographic initiative. The declining birth rate and population, as well as population aging, affect everything including gross national product and state revenues. The sustainability of the national social security system, pensions, and even education are also affected. Eurobank is a bank of development and progress. It goes without saying that we are concerned about conditions and trends that may impact the dynamics of the economy, and we want to actively contribute to reversing them.
The declining birth rate and population affect everything, from gross national product and state revenues to pensions and education
With such far reaching longterm implications for the economy, the labor market, and the very social fabric of our country, the demographic crisis is one of the most pressing issues facing Greece today. What’s your perspective on the essence and urgency of this problem?
Four years ago, in June 2021, we definitely knew that this was one of the most serious problems for Greece in the medium and long term. It was evident that the decision of young couples not to have children—or to delay the decision to have children—was related to the financial crisis and the economic insecurity people were experiencing. Many were wondering how they would manage and whether it was fair to bring a child into the world. They didn’t feel they can provide it with the life it deserves.
Today, while this interpretation still holds true, we also recognize many additional dimensions to the issue. On the one hand, the problem is particularly acute in Greece due to the country’s geography. Many small villages and islands with limited access to infrastructure and services. Residents of these areas feel that starting a family there is very difficult. They need help, support and encouragement. Jobs are also needed in remote and rural areas. A young person who cannot find decent employment is likely to leave and seek a better future elsewhere, rather than to stay in their hometown and start a family.
And there’s something else: Demographic decline is not unique to Greece. It is a major concern across the Western world. Research shows that young people today prioritize other aspects of life over family and children, and this is a mindset that is very difficult to change. It is important for us as a society to understand that parenthood brings great fulfillment, and that it can be combined with personal growth, a career, and life experiences such as travel, which people today value highly.
From a corporate responsibility perspective, what are some of the most significant initiatives Eurobank has undertaken to support young families and address demographic decline?
Eurobank’s initiative to address the demographic issue in Greece is multifaceted and grounded in research, scientific studies, and our participation in public dialogue over these past four years. Our approach is, first and foremost, inclusive. We aim to support individuals who wish to have children but are unable to do so. That’s why we collaborate with NGOs that apply social criteria to support new families on their journey toward parenthood. As part of this effort, for example, 60 children have been born through IVF with the specialized medical support of Be-Live and funding from Eurobank—children who likely would not have been born under other circumstances.
Secondly, we focus on supporting the country’s remote and rural regions, especially those near the eastern border, from Evros to Kastellorizo. We want to help young people and families in those areas feel that they’re not forgotten, that a supportive net exists to help them raise their children and provide them with opportunities and prospects. Last year, for example, with the help of Apostoli S.A., we sent educators to five very small islands. These teachers supplement public education after school hours and engage students in meaningful and enjoyable activities such as music, dance, and robotics.
We want to enable those who wish to have children but cannot
Finally, we strongly believe that a good professional life is a prerequisite for starting a family. In this direction, we are launching a new initiative in Evros to support entrepreneurship among the unemployed, employees, and freelancers. Through our collaboration with AFI Microfinance, we believe we will create opportunities and many wonderful success stories in this uniquely special part of Greece.
Do you believe that the private sector, and financial institutions in particular, can play a transformative role in reversing demographic trends, or is their contribution more complementary to state efforts?
We are under no illusion that a single company—even a large bank—can solve this problem alone. However, together with others, we can make a difference. Eurobank has consistently supported its employees who have or want to start families, offering generous child benefits, special leave, family insurance plans, low interest housing loans, and much more. We want to be a role model in the private sector and encourage others to support and help their staff the way we do.
And on the other hand, four years ago, the majority of citizens did not view the demographic issue as the most pressing challenge we face. Today, thanks to all the work we have done in collaboration with the state and other companies, the issue has risen high on the public agenda. Isn’t that something truly significant?
