When John Daker was elected to the Presidency in August 2008, Ikarti was chosen to be Vice President, Minister for Foreign Affairs, and eventually Minister for Economy and Finance. Due to his advanced age, Daker relied on Ikarti's advice throughout much of his presidency.
As Vice President, Ikarti negotiated trade agreements with Norway, Austria, and Thailand. Furthermore, he led an operation in which federal agents with the Hellenic Mint seized 10 troy ounces of pure gold (worth 66 thousand drachmas) that were stolen from local treasuries during the Balkan Wars and held in facilities operated by Nevugila.
As the President, Ikarti moved to stabilize the Greek economy. He enriched the Greek treasury by exchanging revenue generated by tax reform enacted during the Daker administration for gold. That gold was then returned to the market at a lower price which forced international monetary speculators to deflate the drachma. As of September 12, 2008, the recommended GRD-XAU rate was 2,800 GRD to 1 XAU. In previous months it was as high as tens of thousands of GRD to 1 XAU.