The Hellenic Court of Audit has revealed significant findings regarding the legality of Greece’s public contracts in its Annual Report of Findings, Conclusions, and Recommendations for 2024, published on Wednesday.
According to the report, although the total financial value of contracts reviewed exceeded €16.26 billion, a notable €198.82 million worth of agreements were deemed irrevocably unlawful. These contracts, representing 1.22% of the total value examined, failed to meet the legal requirements for signing or execution following detailed scrutiny by the Court’s plenary session and Seventh Chamber.
The Audit Court also closely examined contracts funded in whole or in part by the European Union’s Recovery and Resilience Facility (RRF), with a combined value of €2.47 billion. This figure accounts for around 15% of all contracts subjected to pre-contractual review in 2024. However, compared to 2023, when RRF-funded contracts represented 29% of the total value reviewed, there was a steep 49% decline in the financial volume of RRF-related contracts under examination. Of those reviewed, 2.22%—amounting to €55.12 million—were ruled definitively unlawful.
Beyond contract legality, the Court’s report highlights persistent and serious delays in Greece’s long-planned accounting reform for the public sector. Despite the legal framework having been established as far back as 2014, implementation has repeatedly stalled. The most recent deadline, set for January 1, 2025, has passed without completion of the reform.
The Court of Audit warns that a full transition to accrual-based accounting remains a prerequisite for improving the accuracy of public financial reporting, enhancing transparency, and strengthening accountability in the management of state assets. The reform, enshrined in Article 156 of Law 4270/2014 and detailed in Presidential Decree 54/2018, aims to align Greece’s public-sector accounting practices with international standards. Once implemented, it is expected to allow financial statements to present a clearer and more reliable picture of the country’s fiscal position, offering policymakers better data to guide decisions.
