Greece''s Public Debt Projected to Fall Below Italy''s, Ending Its Status as Eurozone''s Most Indebted Nation

Apr 24, 2026, 10:15

Introduction

By the end of this year, Greece is expected to no longer be the eurozone''s most indebted country. According to official data and statements from senior officials, its public debt-to-GDP ratio is predicted to fall below that of Italy.

Main Body

Two senior Greek officials, who spoke anonymously, stated that the nation''s debt-to-GDP ratio is estimated to drop to about 137% in 2026, down from 145.9% in 2025. This reduction would put Greece''s debt below Italy''s, which is projected to reach a peak of 138.6% of GDP in 2026, up from 137.1% in 2025, as detailed in Italy''s multi-year budget plan released this week. Furthermore, the Italian Treasury''s plan indicates that debt will remain roughly stable at 138.5% in 2027, then decline to 137.9% in 2028 and 136.3% in 2029. Greece''s public debt has decreased significantly over the past several years, shrinking by more than 60 percentage points from a peak of 209.4% of GDP in 2020 to 145.9% in 2025. This improvement follows a decade-long financial crisis and three international bailouts totaling about €280 billion. Greece intends to repay early loans worth around €7 billion from its first bailout later this year. In contrast, Italy reduced its debt by roughly 17 percentage points over the same period. Italian Prime Minister Giorgia Meloni has attributed the slower reduction in Italy''s debt to the fiscal impact of state-funded building incentives introduced under her predecessors, Giuseppe Conte and Mario Draghi. Italy''s economic performance has also been weak: after a strong post-pandemic rebound, the country recorded three consecutive years of growth below 1% from 2023 to 2025, despite receiving substantial EU pandemic recovery funds. The Treasury''s budget plan projects this slow trend to continue through 2029. Greece, meanwhile, has experienced steady economic growth exceeding 2% annually over the past three years, outperforming the EU average, driven by investments, domestic demand, and tourism. The revised debt estimate for Greece will be included in its multi-year fiscal plan, which is to be submitted to the European Commission at the end of this month.

Conclusion

Greece is on track to give up its long-held status as the eurozone''s most indebted country by the end of 2026, as its debt-to-GDP ratio falls below Italy''s, reflecting different fiscal paths and economic performances between the two nations.

Vocabulary Learning

bailout
Financial assistance given to a country or company that is in serious economic difficulty, often from international organizations.緊急財政援助，通常由國際組織提供給陷入嚴重經濟困難的國家或公司。
Example:Greece received three international bailouts totaling about €280 billion after its financial crisis.
debt-to-GDP ratio
A measure of a country's public debt relative to its gross domestic product, used to assess its ability to repay loans.債務與國內生產總值比率，用於評估國家償還貸款能力的指標。
Example:Greece's debt-to-GDP ratio is predicted to fall below Italy's by the end of 2026.
fiscal impact
The effect that government spending, taxation, and borrowing have on the economy.政府支出、稅收和借貸對經濟產生的影響。
Example:Italy's slower debt reduction was attributed to the fiscal impact of state-funded building incentives.
on track
Proceeding as planned or expected; likely to achieve a particular goal.按計劃進行；有望達成某個目標。
Example:Greece is on track to give up its status as the eurozone's most indebted country by the end of 2026.
outperform
To perform better than someone or something else, especially in terms of growth or results.表現優於（某人或某物），尤其在增長或成果方面。
Example:Greece has experienced steady economic growth exceeding 2% annually, outperforming the EU average.

Sentence Learning

Two senior Greek officials, who spoke anonymously, stated that the nation's debt-to-GDP ratio is estimated to drop to about 137% in 2026, down from 145.9% in 2025.
Relative clause "who spoke anonymously" gives extra info about the officials. Passive "is estimated" focuses on the action rather than who estimates. This helps organize the idea by first identifying the source (officials) then reporting the estimated figure.關係從句「who spoke anonymously」提供關於官員的額外資訊。被動語態「is estimated」強調動作而非執行者。這有助於組織想法：先指出消息來源（官員），然後報告估計數字。
This reduction would put Greece's debt below Italy's, which is projected to reach a peak of 138.6% of GDP in 2026, up from 137.1% in 2025, as detailed in Italy's multi-year budget plan released this week.
Relative clause "which is projected" describes Italy's debt. Passive "is projected" and "as detailed" (passive participle) add formality. "As detailed" links to the source document. This structure compares two debts and provides supporting evidence.關係從句「which is projected」描述意大利的債務。被動語態「is projected」和「as detailed」（被動分詞）增加正式感。「as detailed」連結到來源文件。此結構比較兩國債務並提供支持證據。
In contrast, Italy reduced its debt by roughly 17 percentage points over the same period.
Linking phrase "In contrast" signals a direct comparison with the previous information about Greece. It organizes the idea by highlighting the difference in debt reduction between the two countries.連接詞組「In contrast」表示與前文關於希臘的資訊直接對比。它通過突出兩國債務減少的差異來組織想法。
Italian Prime Minister Giorgia Meloni has attributed the slower reduction in Italy's debt to the fiscal impact of state-funded building incentives introduced under her predecessors, Giuseppe Conte and Mario Draghi.
Passive participle "introduced" modifies "building incentives". The structure "attributed X to Y" expresses cause and effect. This organizes the idea by giving a reason for the slower reduction, using formal reporting.被動分詞「introduced」修飾「building incentives」。結構「attributed X to Y」表達因果關係。這通過給出減慢的原因來組織想法，使用正式報告語氣。
Greece is on track to give up its long-held status as the eurozone's most indebted country by the end of 2026, as its debt-to-GDP ratio falls below Italy's, reflecting different fiscal paths and economic performances between the two nations.
"as" introduces a reason or cause. The participle phrase "reflecting different fiscal paths..." adds a concluding comment. This structure explains the cause and then summarizes the broader implication, organizing the conclusion clearly.「as」引入原因或因果關係。分詞短語「reflecting different fiscal paths...」添加總結性評論。此結構解釋原因，然後總結更廣泛的含義，清晰地組織結論。