The Greek economy has seen a remarkable recovery post the Covid-19 pandemic, leading to a significant reduction in public debt. This progress, along with the return to primary surpluses, has resulted in upgrades to Greece’s credit ratings.

Recent data from the first quarter of 2024 indicates that the general government debt has decreased to 159.8% of GDP, showing a steady decline from the peak of 207% in 2020. Despite still having the highest debt in the eurozone, Greek debt levels are now at their lowest since 2012.

The Bank of Greece anticipates a further decline in debt to 60% of GDP over the next few decades, backed by maintaining primary surpluses and continued economic reforms. Rating agencies also predict a positive trend, with Greek debt expected to be lower than Italian debt in the near future.