Greek Public Debt to Be on Track by 2029, FinMin Says

The Greek Finance Minister Kyriakos Pierrakakis said the country had made strides in controlling the exorbitant Greek public debt, predicting it would not be the most indebted in the EU in 2029 during a visit to the Public Debt Management Agency (PDMA) offices on Wednesday.

According to the European Commission, Greece stands at the top of the list for the most indebted countries in the EU with 158.2%, followed by Italy (136.3%), France (113.8%), Belgium (105.6%) and Spain (104.3%).

The minister met with the director general of PDMA, Dimitris Tsakonas, praising his team’s efforts. Referring to the de-escalation of the country’s huge debt, Pierrarakis noted, “This is a great achievement, and many congratulations are due to the PDMA, its staff, and its General Director, Mr. Tsakonas.”

The finance minister noted that the huge Greek public debt had for long undermined national sovereignty and social cohesion, welcoming the fact that the data showed it was rapidly de-escalating.

Commenting on the full repayment of the International Monetary Fund (IMF) loans and the early repayment of the first expensive bailout package, Pierrarakis noted these actions were “neutralizing and reducing a risk that existed,” a risk that, as he estimated, would place the country under immense pressure from 2032 onwards in terms of debt repayment due to increased servicing costs.

“Reducing one’s debt means more freedom for the country; it means more economic opportunities for the nation. It means having fewer burdens for the future and being able to grow more effectively. It also means greater trust in the eyes of the markets,” he said.