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Italy will overtake Greece as the country with the most debt in the Eurozone

2026-04-25 17:42:32Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Italy will overtake Greece as the country with the most debt in the Eurozone

Greece will cease to be the most indebted country in the eurozone by the end of this year, as its public debt falls below that of Italy, according to two sources and data from Italy's budget plan.

Greece's debt is expected to fall to about 137% of gross domestic product this year, from 145.9% in 2025, two senior officials told Reuters.

In contrast, Italy expects its debt to peak at 138.6% in 2026, rising by 1.5 percentage points from 137.1% of GDP in 2025, according to the multi-year budget plan published this week by the Treasury.

Speaking on condition of anonymity, the two officials said Greece will cease to be the most indebted country in the eurozone as of this year.

They added that the new assessment of Greece's debt ratio will be included in the country's multi-year fiscal plan to be submitted to the European Commission at the end of this month.

According to Italy's budget plan, its debt will remain roughly stable at 138.5% in 2027, before falling to 137.9% in 2028 and 136.3% the year after.

Greece's public debt - the highest in the eurozone over the past two decades - has fallen by more than 60 percentage points, to 145.9% of GDP last year from a peak of 209.4% in 2020.

Italy has reduced its debt by about 17 percentage points over the same period.

Greece, which is recovering from a decade-long financial crisis and three bailouts totaling about 280 billion euros, plans to repay early loans worth about 7 billion euros from its first bailout later this year.

Italian Prime Minister Giorgia Meloni often says that Italy's debt would have started to fall earlier and faster if it weren't for the negative impact of state stimulus for construction introduced by her predecessors, Giuseppe Conte and Mario Draghi.

After a strong recovery from the COVID-19 pandemic, Italy has returned to its traditional place as one of the eurozone's weakest performers.

The country has recorded three consecutive years of growth below 1% from 2023 to 2025, despite the continued influx of billions of euros from EU recovery funds, a trend that, according to the Treasury's budget plan, will continue until 2029.

Greece's economy has grown steadily by more than 2% over the past three years, outperforming the EU average, driven by investment, domestic demand and tourism.


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