Greek public debt currently stands at €364.8 billion, according to the Public Debt Management Agency (PDMA). Despite the exorbitant amount, markets consider it serviceable, one of the reasons, among others, that prompted Greek Finance Minister Kyriakos Pierrakakis to state the country would “not be the most indebted by 2029” during his visit to the PDMA headquarters.
Of this amount, approximately €203.7 billion is held by institutional lenders, including €61.9 billion from the European Stability Mechanism (ESM) and €141.8 billion from its predecessor, the European Financial Stability Facility (EFSF).
These loans are often referred to by government officials as “good debt,” largely due to their exceptionally long-term maturation and low interest rates. Repayment for the bulk of these is not scheduled to begin until 2032, with final maturities stretching as far out as 2060 — and even 2070 in the case of the EFSF.
To further reassure financial markets and break from the mistakes of the past, Greek public debt will be repaid via a series of early repayments. Among them is a €31.6 billion prepayment plan covering the period up to 2031. These efforts are supported by the country’s substantial cash reserves, which currently amount to €44 billion.
Greece has already completed full repayment of its International Monetary Fund (IMF) loans. Additionally, from the original €52.9 billion in bilateral loans issued under the Greek Loan Facility Agreement (GLFA), €21.3 billion has been repaid. Despite this progress, Greece remains under ESM oversight through the Early Warning System — a mechanism designed to monitor financial risk.
