Greek debt remained the highest relative to gross domestic product in the European Union in the third quarter of 2024, even as the ratio continued to decline. Eurostat reported a general government debt ratio of 158.2% of GDP in 2024Q3, down 1.8 percentage points from the previous quarter and 10.0 percentage points from 2023Q3. Greece’s Public Debt Management Agency (PDMA) reported a 154% debt-to-GDP ratio for full-year 2024.
Contents
- Debt ratios and the debt stock
- How the debt changed during 2024
- Borrowing and financing needs
- Bond issuance and borrowing costs
- Cash reserves and the composition of debt
- Treasury bill auctions
Debt ratios and the debt stock
The debt ratio measures general government debt against the size of the economy. Eurostat’s quarterly measure places Greece at 158.2% of GDP at the end of 2024Q3. This was the highest ratio in the EU at that measurement date. The same Eurostat series shows a quarterly decline of 1.8 percentage points from 2024Q2 and a year-on-year decline of 10.0 percentage points from 2023Q3.
The PDMA Annual Debt Bulletin 2024 gives a full-year figure of 154% of GDP for Greece’s public debt. It also reports that the debt-to-GDP ratio declined by about 53 percentage points between 2020 and 2024. In the bulletin’s comparison, the ratio was 207% in 2020. These figures describe different reporting periods and measures: Eurostat’s figure is for 2024Q3 general government debt, while the PDMA figures include a full-year 2024 ratio and a longer historical comparison.
The PDMA reported general government gross debt of EUR 403.861 billion at the end of 2024. Its debt composition was concentrated in long-term loans and long-term securities. The reported components were:
| Debt component at end-2024 | Amount |
|---|---|
| Bills and short-term securities | EUR 8.416 billion |
| Long-term securities | EUR 96.870 billion |
| Short-term loans | EUR 56.944 billion |
| Long-term loans | EUR 241.631 billion |
| Gross debt in foreign currency | EUR 6 million |
The foreign-currency amount was only EUR 6 million, compared with the much larger euro-denominated debt components. The component figures are reported by the PDMA Annual Debt Bulletin 2024 and are stocks measured at the end of 2024.
How the debt changed during 2024
The PDMA bulletin records several debt and cash-stock observations across three dates. General government debt stock was EUR 369,099 million at 31 December 2023, EUR 370,865 million at 30 September 2024, and EUR 365,494 million at 31 December 2024. General government cash reserves were EUR 33,624 million, EUR 39,256 million, and EUR 36,281 million at those same dates, respectively.
The resulting reported general government net debt figures were EUR 335,475 million at 31 December 2023, EUR 331,609 million at 30 September 2024, and EUR 329,213 million at 31 December 2024. Net debt is shown here as reported in the bulletin; the figures should not be treated as a substitute for the separate gross-debt measures used in the quarterly ratio discussion.
The PDMA also records an early repayment of EUR 7.9 billion of Greek Loan Facility loans in 2024. The December 2024 prepayment covered debt maturities in 2026, 2027, and 2028. This is a maturity-management measure rather than a new borrowing figure, and it is distinct from the stock of debt outstanding at a particular date.
Borrowing and financing needs
Greece raised EUR 9.502 billion through bond issues in 2024, according to the PDMA Annual Debt Bulletin 2024. Of that amount, EUR 6.907 billion came from syndicated transactions and EUR 2.595 billion came from auctions of reissued existing securities.
The State Budget’s gross financing needs were EUR 15,036 million in 2024. Medium- and long-term borrowing covered EUR 11,917 million of those needs, while the settlement value from medium- and long-term borrowing was EUR 11,868 million. Income from financial transactions contributed EUR 1,061 million, and a decrease in short-term borrowings contributed EUR 1,169 million. Cash consumption covered EUR 3,276 million of the year’s needs.
Central administration cash at the end of 2024 was EUR 18,231 million, compared with EUR 21,507 million at the end of 2023. The PDMA reports the decrease as EUR 3,276 million, the same amount identified as cash consumption in the financing-need breakdown. Including Special Drawing Rights holdings, total central administration cash at 31 December 2024 was EUR 19,451 million. SDR holdings accounted for EUR 1,220 million.
The cash buffer account was about EUR 10.7 billion at the end of 2024. For cash-return calculations, the bulletin used an €STR reference of 2.9050% on 31 December 2024.
Bond issuance and borrowing costs
The PDMA’s 2024 issuance data include two larger new benchmark transactions. On 6 February 2024, Greece issued a 10-year bond of EUR 4 billion at a 3.478% yield. On 2 May 2024, it issued a 30-year bond of EUR 3 billion at a 4.241% yield.
The bulletin also lists reopenings of existing securities. The 24 January 2024 four-year reopening was EUR 250 million at 2.720%. On 21 February, a four-year reopening was EUR 200 million at 2.854%, and a nine-year reopening was EUR 200 million at 3.320%. A 27 March four-year reopening was EUR 250 million at 2.850%.
Further 2024 entries were a EUR 200 million 11-year reopening at 3.613% on 24 April; a EUR 250 million 10-year reopening at 3.506% on 29 May; a EUR 200 million 10-year reopening at 3.556% on 26 June; and a EUR 250 million five-year reopening at 2.807% on 24 July. The issuance table also records the 29 May 10-year reopening as EUR 250 million at 3.110%, a second bulletin entry that should be kept distinct from the earlier 3.506% figure rather than combined.
Later entries include a EUR 250 million five-year reopening at 2.381% on 23 October and a EUR 250 million 10-year reopening at 3.160% on 27 November. The PDMA reported a 10-year spread against Germany that closed 2024 at 89 basis points.
The weighted average maturity of new medium-term borrowing in 2024 was 16.54 years. The weighted average cost of total new borrowing, excluding repos, was 3.43%. These are annual borrowing indicators and do not represent the yield of every individual bond transaction.
Cash reserves and the composition of debt
Short-term instruments and repurchase agreements were important parts of the end-2024 financing picture. Treasury bills stock fell to EUR 8,416 million at the end of 2024. Repos rose to EUR 56,944 million. In the general government gross-debt composition reported by the PDMA, bills and short-term securities were EUR 8.416 billion and short-term loans were EUR 56.944 billion.
The cash figures provide a separate view of liquidity. Central administration cash was EUR 18,231 million at year-end, or EUR 19,451 million when SDR holdings were included. General government cash reserves were EUR 36,281 million at the same date. The distinction between central administration cash and general government cash reserves matters because they are different reported aggregates.
The year-end observations can be summarized as follows:
| Measure | 31 Dec 2023 | 30 Sep 2024 | 31 Dec 2024 |
|---|---|---|---|
| General government debt stock | EUR 369,099m | EUR 370,865m | EUR 365,494m |
| General government cash reserves | EUR 33,624m | EUR 39,256m | EUR 36,281m |
| General government net debt | EUR 335,475m | EUR 331,609m | EUR 329,213m |
These date-specific stocks should be read alongside the PDMA’s separate EUR 403.861 billion gross-debt figure at end-2024. The figures come from the same bulletin but refer to the bulletin’s different reported measures and presentations.
Treasury bill auctions
Ministry of Finance 13-week Treasury bill auction records show the yields paid at successive auctions. The 31 December 2024 auction received EUR 722 million of offers, had EUR 500 million of demand, sold EUR 600 million, produced a 2.82% yield, and had a 99.291 auction price. On 30 October 2024, offers were EUR 1,061 million, demand was EUR 500 million, sales were EUR 600 million, the yield was 2.63%, and the auction price was 99.340.
The 2 October 2024 auction recorded EUR 946 million of offers, EUR 500 million of demand, EUR 600 million of sales, a 2.84% yield, and a 99.288 price. On 31 July, offers were EUR 1,200 million and demand EUR 500 million; sales were EUR 600 million at a 3.23% yield and a 99.190 price. The 3 July auction recorded EUR 1,098 million of offers, EUR 500 million of demand, EUR 600 million of sales, a 3.42% yield, and a 99.143 price. On 30 April, offers were EUR 1,031 million, demand EUR 625 million, sales EUR 812.5 million, the yield 3.67%, and the price 99.130.
Earlier auctions show the range of short-term yields over 2021–2023. The 1 November 2023 auction yielded 3.88% on EUR 1,000 million of sales, while the 4 October 2023 auction yielded 3.90% on the same sales amount. The 2 August 2023 auction yielded 3.72%, the 26 July auction 3.80%, and the 5 July auction 3.59%; each sold EUR 1,000 million.
In 2022, the 28 December auction yielded 2.50% on EUR 1,000 million of sales, compared with 2.73% on 7 December, 2.35% on 30 November, 1.79% on 2 November, 2.03% on 26 October, and 1.35% on 5 October. The 3 August auction yielded 0.45%, and the 6 July auction yielded 0.20%. Two spring auctions recorded negative yields: -0.16% on 4 May and -0.20% on 6 April, with each auction selling EUR 1,000 million.
The 2021 records also show negative 13-week yields. The 3 November, 6 October, 4 August, 7 July, and 5 May auctions each reported a -0.40% yield and EUR 1,000 million of sales. The 7 April auction yielded -0.32% on EUR 1,000 million of sales. These auction observations are dated transaction results from the Ministry of Finance records, not forecasts of future Greek borrowing costs.