Greece emerged as the European Union’s champion in public debt reduction during the first quarter of 2026, slashing its debt-to-GDP ratio by 9.4 percentage points year-over-year.
According to official Eurostat data, the nation reduced its debt to 143.5% of its gross domestic product.
The drop marks a 69.4-point improvement from its pandemic-era peak of 212.9% in the first quarter of 2021.
The achievement represents the fastest debt reduction rate within the 27-member EU and in the history of the Organization for Economic Cooperation and Development. In absolute terms, Greece’s public debt fell by more than 6 billion euros, landing at 360 billion euros compared to 366 billion euros last March.
While Greece remains the EU's most indebted country—a legacy of its financial crisis—it is rapidly closing the gap with its peers.
The country is now less than five points behind Italy, whose debt stands at 138.9%, followed by France at 117.6%, Belgium at 109.1%, and Spain at 101.6%.
Prime Minister Kyriakos Mitsotakis has highlighted fiscal discipline as a cornerstone of his administration. Mr. Mitsotakis noted that shrinking the debt load lowers servicing costs, boosts credibility among international investors, and prevents future generations from inheriting crippling financial burdens.
The Greek performance contrasts sharply with broader European trends. Eurostat reported that 19 member states saw their debt-to-GDP ratios increase during the same period, pushing the EU average up by 1.5 points.