Greece’s public debt reached €406.1 billion in 2025, up from €406.1 billion recorded at the end of 2024, according to the annual public debt bulletin published by the Public Debt Management Agency (PDMA). At the same time, PDMA data showed that General Government debt declined to €362.9 billion from €364.9 billion respectively, while cumulatively falling by approximately 63 percentage points of GDP between 2020 and 2025, reaching 146% in 2025 (compared to 209% in 2020).
Read: PDMA: Six-month treasury bill yield set at 2.21%
According to PDMA’s final figures, the gross financing needs of the State Budget for 2025 (excluding the stock of short-term treasury bill debt and repos) amounted to €17.649 billion and were covered by:
- Medium- and long-term borrowing of €9.38 billion in nominal value, with a settlement value (cash inflow) of €9.579 billion
- Revenue from financial transactions of €2.483 billion
- An increase in short-term borrowing of €5.461 billion
PDMA: Treasury bill stock falls by €446 million
More specifically, regarding the increase in short-term borrowing, the treasury bill stock declined by €446 million, reaching €7.969 billion, while repos increased by €5.907 billion, bringing the total repo stock at the end of 2025 to €62.851 billion.
The weighted average maturity of new medium- and long-term debt borrowing for 2025 stood at 14.6 years, while the weighted average cost of new borrowing, excluding repo agreements, was set at 2.89%.
The PDMA adopted a conservative debt management approach, capitalizing on favorable market conditions to raise a total of €7.7815 billion through bond issuances — of which €7.0145 billion came via syndicated transactions (new issuances of 10-year, 15-year, and 30-year bonds) and €727.1 million through auctions from reopenings of existing securities.
The PDMA also continued its proactive management of Greece’s debt portfolio through the early repayment of €5.3 billion in GLF loans, as planned in the 2025 Funding Strategy. This helped confirm the steady downward trajectory of Greece’s general government debt-to-GDP ratio, which fell by approximately 63 percentage points of GDP between 2020 and 2025, reaching 146% in 2025 (compared to 209% in 2020).
This proactive debt management approach enabled the successful execution of Greece’s funding programme and further improved the country’s debt profile in a challenging environment, reaffirming its status as a regular bond market issuer.
