Greece’s public debt moves higher in 2025

At the same time, General Government debt followed a downward trajectory, falling to €362.9 billion from €364.9 billion in 2024, while as a percentage of Gross Domestic Product it stood at 146%, compared with 209% in 2020. This development corresponds to a total reduction of approximately 63 percentage points of GDP over a five-year period, confirming the continued improvement in the sustainability of Greek public debt.

Financing needs of €17.6 billion
According to data from the Public Debt Management Agency (PDMA), the gross financing needs of the State Budget in 2025, excluding the stock of short-term debt from Treasury bills and repurchase agreements (repos), amounted to €17.649 billion.

These needs were covered through medium- and long-term borrowing of €9.38 billion in nominal value, which generated cash inflows of €9.579 billion, €2.483 billion in proceeds from financial transactions, and an increase in short-term borrowing of €5.461 billion.

Increase in repos, decline in Treasury bills
In the short-term debt segment, the stock of Treasury bills decreased by €446 million, reaching €7.969 billion at the end of 2025.

By contrast, repurchase agreements (repos) increased by €5.907 billion, bringing their total outstanding stock to €62.851 billion. This development reflects the strategy of utilizing low-cost instruments for managing the State’s liquidity needs.

New issuances with an average maturity of 14.6 years
The weighted average maturity of new medium- and long-term debt raised in 2025 stood at 14.6 years, underscoring the Greek State’s ability to secure long-term financing from international markets.

At the same time, the average cost of new borrowing, excluding repos, amounted to 2.89%, a level considered particularly competitive given prevailing conditions in international bond markets during the year.

Within its financing strategy, the PDMA raised a total of €7.78 billion through bond issuances. Of this amount, €7.01 billion came from syndicated issuances of new 10-year, 15-year, and 30-year bonds, while a further €727.1 million was raised through auctions of existing bond series.

Early repayment of loans and improvement in the debt profile
The PDMA also continued its active debt management strategy, proceeding with the early repayment of €5.3 billion of loans under the Greek Loan Facility (GLF), in line with the 2025 financing plan.

This action further contributed to improving the profile of Greek public debt and maintaining its downward trajectory as a share of GDP, thereby strengthening the country’s credibility in international markets.

Stability strategy in a challenging environment
The PDMA notes that the conservative management strategy followed during 2025 enabled the smooth coverage of the State’s financing needs and the maintenance of strong cash buffers, despite an environment of heightened geopolitical and economic challenges.

The successful execution of the borrowing programme and the further improvement of the characteristics of Greek public debt confirm, according to the Agency, Greece’s position as a stable and credible issuer in international capital markets.