Greek government’s soaring liabilities in 2020

This information comes from data on contingent liabilities and non-performing loans published by Eurostat 

In 2020, there has been a notable increase of guarantees provided in the EU, due to new government guarantee programmes in the context of the COVID-19 pandemic. 

The highest overall rate of government guarantees was recorded in Finland (27.1% of GDP), ahead of Denmark (19.8%), Austria (19.1%), Germany (17.5%) and France (17.1%). 

Data in Finland also include some guarantees underwritten by a financial public corporation classified outside of government, but only to the extent they are counter-guaranteed by the government. Slovakia was the country with the lowest level of government guarantees (0.1%). Rates of less than 1% of GDP were also recorded in Bulgaria, Ireland and Czechia.