Greek debt fell by 10% in the third quarter of 2024 compared to the same period in 2023, marking the largest contraction in the European Union. As shown by Eurostat data, the Greek debt-to-GDP ratio continued to decline and close the gap with Italy, but is still by far the highest on the continent.

In particular, the country's debt stood at 158.2% of GDP in the period July–September 2024. Italy's debt comes in second place at 136.3% of GDP, followed by France's at 113.8% of GDP. The Eurozone average is 88.2%, with the lowest rates recorded in Estonia (24%) and Luxembourg (26.6%).

Apart from Greece, Portugal (-8.8%) and Cyprus (-5.4% compared to Q3 2023) also recorded large annual reductions. However, Greece was also among the countries with the largest quarterly contraction. In particular, in Q3 Greek debt decreased by 1.8% compared to Q2 2024. Only two countries recorded a larger improvement than Greece: Portugal (-3.2%) and Slovenia (-2.6%). In contrast, the debt of Finland and France (both +1.4%) and Latvia (+1.3%) had the largest increase in the Eurozone.

In absolute terms, according to ELSTAT data published this week, Greek debt stood at €370.865 billion in Q3, showing an increase compared to Q2 (€369.416 billion). It is noted that a small part of Greek debt, 3.1%, consists of currencies and deposits, 40.4% of bonds, and 114.7% of loans.

According to a different Eurostat report, the general government surplus in seasonally adjusted terms stood at 2.2% of Greek GDP in Q3 2024. At the Eurozone level, it was in deficit at -2.6%.