Greece is set to lose its status as the eurozone’s biggest debtor: who will take its place?
This is reported by Reuters and the Italian Ministry of Finance’s budget plan.
What is happening with Greece’s debt
This year, Greece’s public debt will fall to around 137% of GDP. By way of comparison, in 2025 it stood at 145%.
Since 2020, Greece has reduced its debt by more than 45 percentage points. This is a significant achievement for a country that has held the record for the highest debt in the eurozone for over two decades.
“Greece will cease to be the country with the highest debt in the eurozone from this year onwards,” one of two Greek officials told Reuters.
The new figures will be included in Greece’s multi-year financial plan, which will be submitted to the European Commission by the end of April.
What about Italy’s debt?
Italy’s debt will rise to 138.6% of GDP in 2026 from 137.1% in 2025.
Thereafter, it remains almost unchanged: 138.5% in 2027, followed by a gradual decline to 137.9% in 2028 and 136.3% in 2029, according to the country’s Ministry of Finance budget plan. Over the same period as Greece, Italy has reduced its debt by just 17 percentage points.
What are the problems in Rome
The situation in Italy is becoming more complicated. On 23 April, it emerged that the country would likely be unable to increase defence spending as planned, due to growing economic difficulties.
The day before, Italy confirmed a budget deficit that exceeded the permitted limits. The government is already calling on Brussels to suspend budget rules, citing the energy crisis.
Follow us on Telegram
