This statistic shows the national debt of Greece from 2018 to 2022, with projections until 2028. In 2022, the national debt in Greece was around 404.33 billion U.S. dollars. In a ranking of debt to GDP per country, Greece is currently ranked third.
Greece's struggle after the financial crisis
Greece is a developed country in the EU and is highly dependent on its service sector as well as its tourism sector in order to gain profits. After going through a large economic boom from the 1950s to the 1970s as well as somewhat high GDP growth in the early to mid 2000s, Greece’s economy took a turn for the worse and struggled intensively, primarily due to the Great Recession, the Euro crisis as well as its own debt crisis.
National debt within the country saw significant gains over the past decades, however roughly came to a halt due to financial rescue packages issued from the European Union in order to help Greece maintain and improve their economical situation. The nation’s continuous rise in debt has overwhelmed its estimated GDP over the years, which can be attributed to poor government execution and unnecessary spending. Large sums of financial aid were taken from major European banks to help balance out these government-induced failures and to potentially help refuel the economy to encourage more spending, which in turn would decrease the country’s continuously rising unemployment rate. Investors, consumers and workers alike are struggling to see a bright future in Greece, whose chances of an economic comeback are much lower than that of other struggling countries such as Portugal and Italy. However, Greece's financial situation might improve in the future, as it is estimated that at least its national debt will decrease - slowly, but steadily. Still, since its future participation in the European Union is in limbo as of now, these figures can only be estimates, not predictions.
FAQs
To avert the crisis, the IMF, ECB, and the European Commission, a group which would go on to famously be called the Troika, agreed to extend emergency funding to Greece. In essence, Greece was bailed out.
What is the economy of Greece in 2028? ›
Gross domestic product (GDP) in Greece 2028
According to this forecast in 2028, the GDP will have increased for the eigth consecutive year to 289.95 billion U.S. dollars. This indicator describes the gross domestic product at current prices.
How much debt is Greece currently in? ›
In 2022, the national debt in Greece was around 404.33 billion U.S. dollars. In a ranking of debt to GDP per country, Greece is currently ranked third. Greece is a developed country in the EU and is highly dependent on its service sector as well as its tourism sector in order to gain profits.
How is Greece in so much debt? ›
The Greek debt crisis originated from heavy government spending and problems escalated over the years due to slowdown in global economic growth. When Greece became the 10th member of the European Union (EU) on January 1, 1981, the country's economy and finances were in good shape.
Will Greece ever repay its debt? ›
The country's third bailout expired in 2018. "On Dec. 15, we will repay earlier than expected 5.3 billion euros to euro zone countries," an official who spoke on condition of anonymity told Reuters, adding that the payment refers to loans maturing in 2024 and 2025.
Has Greece repaid its debt? ›
Greece has already repaid the full amount of loans provided by the International Monetary Fund ahead of schedule and has started to repay bilateral GLF loans provided by European countries early.
Is Greece still in debt 2024? ›
Despite rising interest rates, the turnaround in the government accounts will reduce public debt significantly in 2023. The debt ratio stood at 167% of GDP in Q2 2023 and is expected to fall further in 2024, underpinned by the positive growth prospects.
Is Greece a rich or poor country? ›
Greece is classified as an advanced, high-income economy, and was a founding member of the Organisation for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.
What is the largest economy in the world in 2028? ›
1. United States: USD 34.8 trillion in 2028. FocusEconomics panelists see the U.S. retaining its title as the world's largest economy over the next several years, forecasting nominal GDP of USD 34.8 trillion in 2028.
How deep is Greece in debt? ›
The Hellenic Statistical Authority provides Government Debt in EUR and Nominal GDP in EUR, based on ESA 2010. Government Debt prior to Q1 2012 is based on ESA 1995. In the latest reports, Greece National Government Debt reached 391.0 USD bn in Jun 2023. The country's Nominal GDP reached 57.9 USD bn in Mar 2023.
Everything that Greece owes is either to the markets or to the EU and the IMF. Of course Germany, as an EU-member state and even a net payer member, has contributed to the amount that was given to Greece as a loan through the European Stability Mechanism.
Is Greece's economy improving? ›
For the second year in a row, Greece has achieved remarkable results. With a GDP growth rate at 1.2%, Greece stands out among other countries for its sharp growth in the real value of the stock market, which rose by 43.8% from 2022 to 2023.
Who does Greece owe the most money to? ›
Who Does Greece Owe The Most Money To? Now, the majority of Greece's national debt is owed to the IMF, the ECB, and various EU schemes. One condition of these loan contracts was that the Greek government will not be allowed to demand a haircut from those creditors.
Will Greece ever recover? ›
Greece has returned to investment grade status with a western credit rating agency for the first time in 12 years, culminating a rapid economic resurgence. But the hard work must not stop here. There is still plenty for Greece to do on its road back to normalisation.
Who does Greece have debt to? ›
Greece receives its final loan from European creditors, completing a bailout program begun in 2015, the country's third since 2010. In total, Greece now owes the EU and IMF roughly 290 billion euros ($330 billion), part of a public debt that has climbed to 180 percent of GDP.
How long did the Greek debt crisis last? ›
The Greek government-debt crisis began in 2009 and, as of November 2017, was still ongoing. During this period, many changes had occurred in Greece.
How did the IMF help Greece? ›
The IMF approved a 1.3 billion SBA on principle on July 20, awaiting assurances of Greece's debt sustainability. The Greek economic program was a macroeconomic stabilization with reforms including higher taxes on the middle class and pension cuts amounting to 3.5 percent of GDP (or surplus) until 2022.
How did the ECB respond to the Greek sovereign debt crisis? ›
The European central bank (ECB), as the monetary union's central bank, responded to the sovereign debt crisis with a series of conventional and unconventional measures, including a decrease in the key policy interest rate, and three-year long-term refinancing operation (LTRO) liquidity injections in December 2011 and ...
What lessons should be learned from the Greek debt crisis? ›
Too much debt is bad for everyone
The Greek crisis highlighted the importance of understanding country-level risks, in this case in the form of debts. At the end of the day, Greece fell into trouble because it had more debts than it could pay.
