Greek government debt remained close to €365–€372 billion in the quarterly series from 2021 to 2025, while the debt-to-GDP ratio declined from 163.6% in 2024Q2 to 151.2% in 2025Q2. The structure of the debt also matters: at 31 December 2025, the weighted average maturity was 18.37 years and refinancing risk over five years was 17.19%.
Contents
- Quarterly debt outstanding
- Debt-to-GDP ratio
- Debt, net debt and cash at end-2024
- Maturity and interest-rate exposure
- Short-term borrowing and 2024 issuance
- Bond pricing and market spread
Quarterly debt outstanding
The Public Debt Management Agency (PDMA) portfolio risk parameters report general government debt outstanding in millions of euros. The series begins at €364,415 million in 2021Q2 and moves within a relatively narrow range over the next four years.
| Quarter | Debt outstanding (€ million) |
|---|---|
| 2021Q2 | 364,415 |
| 2021Q3 | 367,666 |
| 2021Q4 | 364,141 |
| 2022Q1 | 368,392 |
| 2022Q2 | 370,439 |
| 2022Q3 | 368,778 |
| 2022Q4 | 368,005 |
| 2023Q1 | 366,944 |
| 2023Q2 | 370,066 |
| 2023Q3 | 372,203 |
| 2023Q4 | 369,110 |
| 2024Q1 | 368,370 |
| 2024Q2 | 369,406 |
| 2024Q3 | 370,820 |
| 2024Q4 | 364,965 |
| 2025Q1 | 366,324 |
| 2025Q2 | 368,609 |
| 2025Q3 | 367,852 |
| 2025Q4 | 362,800 |
The highest observation in this quarterly series was €372,203 million in 2023Q3. The lowest was €362,800 million in 2025Q4. The reported figure was €364,965 million in 2024Q4, followed by €366,324 million in 2025Q1, €368,609 million in 2025Q2, €367,852 million in 2025Q3 and €362,800 million in 2025Q4. These are quarter-specific outstanding amounts, not annual averages.
Source: PDMA portfolio risk parameters.
The quarterly observations show repeated rises and falls within each year. Debt outstanding increased from €364,141 million in 2021Q4 to €368,392 million in 2022Q1, then reached €370,439 million in 2022Q2 before declining to €368,005 million in 2022Q4. In 2023, the reported amount was €366,944 million in the first quarter, €370,066 million in the second, €372,203 million in the third and €369,110 million in the fourth.
The 2024 sequence was €368,370 million in 2024Q1, €369,406 million in 2024Q2, €370,820 million in 2024Q3 and €364,965 million in 2024Q4. The 2025 sequence was €366,324 million, €368,609 million, €367,852 million and €362,800 million across the first through fourth quarters. Reading the observations by quarter preserves the timing of each reported stock and avoids treating a single quarter as a full-year position.
Debt-to-GDP ratio
Eurostat reports Greece’s general government debt as a percentage of GDP for six quarters from 2024Q1 through 2025Q2. The ratio was 159.8% in 2024Q1 and 163.6% in 2024Q2. It then stood at 158.2% in 2024Q3 and 153.6% in 2024Q4. The 2025 observations were 152.5% in 2025Q1 and 151.2% in 2025Q2.
| Measurement period | General government debt-to-GDP |
|---|---|
| 2024Q1 | 159.8% |
| 2024Q2 | 163.6% |
| 2024Q3 | 158.2% |
| 2024Q4 | 153.6% |
| 2025Q1 | 152.5% |
| 2025Q2 | 151.2% |
The ratio is a different measure from the euro amount of debt outstanding. It relates general government debt to GDP for each stated quarter, so the two series should not be treated as interchangeable. The 2024Q2 ratio of 163.6% is the highest reported ratio in this set, while 151.2% in 2025Q2 is the lowest.
Source: Eurostat government debt statistics.
Debt, net debt and cash at end-2024
PDMA’s annual debt bulletin for 2024 gives several end-of-year views. General government debt stock was €365,494 million at 31 December 2024, while general government net debt was €329,213 million. The same annual reporting places the cash buffer account at approximately €10.7 billion at that date.
The PDMA bulletin reports total general government cash reserves of €36,281 million at 31 December 2024. Central administration cash was €18,231 million at end-2024, or €19,451 million when SDR holdings were included. These figures describe liquidity positions alongside the debt stock; they do not replace the gross-debt measure.
The annual debt bulletin also reports a €1,169 million decrease in net short-term borrowing during 2024. Treasury bills stock decreased by €3,574 million to €8,416 million at end-2024. Repo stock moved in the opposite direction, increasing by €2,405 million to €56,944 million.
Source: PDMA annual debt bulletin 2024.
Maturity and interest-rate exposure
The PDMA portfolio risk parameters record a weighted average maturity of 18.37 years at 31 December 2025. Weighted average time to next refixing was 17.77 years. Refixing refers to exposure whose interest rate may be reset, while refinancing risk refers to debt that must be refinanced within the stated horizon.
At the same date, refinancing risk over one year was 4.93% and refinancing risk over five years was 17.19%. Refixing risk over one year was 7.98%, and refixing risk over five years was 19.48%.
| Risk measure at 31 December 2025 | One year | Five years |
|---|---|---|
| Refinancing risk | 4.93% | 17.19% |
| Refixing risk | 7.98% | 19.48% |
Foreign debt to total debt was reported at 0.00% both before derivatives and after derivatives. Floating debt to total debt was 10.88% before derivatives and 0.00% after derivatives. These percentages are portfolio indicators for the stated date, not forecasts of future borrowing costs.
For comparison, PDMA bulletin 118 reports a weighted average maturity of 18.95 years at 31 December 2024 and time to next refixing of 18.33 years. The same bulletin reports a cash-basis cost of debt after swaps of 1.33%, or 1.73% when deferred EFSF interest was included. Those cost figures belong to the 31 December 2024 measurement and should not be assigned to 2025.
Sources: PDMA portfolio risk parameters and PDMA bulletin 118.
Short-term borrowing and 2024 issuance
Greece raised €9,502 million through bond issues in 2024, according to the PDMA annual debt bulletin. Of that amount, €6,907 million came from syndicated transactions and €2,595 million came from auctions of reissues. These are components of the reported 2024 bond-issue total.
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%. The maturity measure concerns new medium-term borrowing, while the cost measure covers total new borrowing excluding repos; they therefore describe different parts of the borrowing programme.
The 6 February 2024 new 10-year bond issue raised €4 billion at a yield of 3.478%. The 2 May 2024 new 30-year bond issue raised €3 billion at a yield of 4.241%. The two transactions provide dated examples of issue size, maturity and yield within the 2024 programme.
The PDMA annual bulletin’s end-2024 liquidity figures provide context for these financing activities: total general government cash reserves were €36,281 million in the PDMA bulletin 116 measure, and central administration cash was €18,231 million in the annual debt bulletin measure. The labels and reporting contexts should be retained when comparing the figures.
Source: PDMA annual debt bulletin 2024.
Bond pricing and market spread
The Greek 10-year spread against Germany closed 2024 at 89 basis points, according to the PDMA annual debt bulletin. A basis point is one hundredth of a percentage point, so the reported unit describes the difference between the Greek 10-year yield and the corresponding German benchmark at the stated close.
The issue-level yields were 3.478% for the new 10-year bond issued on 6 February 2024 and 4.241% for the new 30-year bond issued on 2 May 2024. The 30-year transaction had the longer maturity and the higher reported yield. These are issue yields, whereas the 89-basis-point figure is a year-end market spread; they should be read as separate observations rather than as a single pricing series.
Across the available measures, Greek government debt statistics therefore combine several perspectives: quarterly gross debt outstanding, quarterly debt relative to GDP, end-2024 gross and net debt, cash and short-term borrowing, and the maturity and rate-risk profile at 31 December 2025. Each figure is tied to its source, measurement date and definition.
Source: PDMA annual debt bulletin 2024.