Greece has achieved the largest and fastest reduction in its debt-to-GDP
Greece has achieved the largest and fastest reduction in its debt-to-GDP ratio among eurozone countries, marking a significant shift in its fiscal trajectory after years of elevated public debt levels.
According to analysis by Alpha Bank, Greece’s debt-to-GDP ratio has fallen from 209.4% in 2020 to 146.1% in 2025, a decline of more than 63 percentage points within five years. This represents the steepest reduction recorded in the euro area over that period.
Sustained downward trend in debt levels
The improvement is not limited to the ratio alone. The report notes that Greece, alongside Ireland and Cyprus, is among the only eurozone countries to have reduced its nominal debt in the 2024–2025 period, while several major economies such as France, Italy and Spain saw increases.
The decline has been supported by a combination of economic growth, fiscal discipline and debt management measures, including early repayments of existing obligations.
A key contribution came from the early repayment of €5.3 billion in loans linked to Greece’s first financial assistance program launched in 2010.
Strong surpluses and economic growth
A significant factor behind the improvement has been Greece’s continued primary budget surpluses. In 2025, the country recorded a primary
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