Greece will continue repaying the bailout-era loans it received during the financial crisis until 2070, underscoring the long fiscal shadow of the country’s bailout years despite a sharp decline in its debt-to-GDP ratio.
According to the Hellenic Fiscal Council’s Spring 2026 report, Greece still owed about 220 billion euros ($251,4 billion) to European institutions at the end of 2025. That amount represented roughly 88 percent of GDP and about 55 percent of central government debt.
The repayment schedule remains uneven and stretches across several decades. Greece began repaying loans from the European Financial Stability Facility in 2023 and will continue doing so until 2070. Loans from the European Stability Mechanism are scheduled for repayment between 2034 and 2060.
Bailout-era loans still shape Greece’s fiscal outlook
Greece received 288.7 billion euros ($329,9 billion) in financial assistance during the three adjustment programs implemented between 2010 and 2018. The support came from eurozone member states through the Greek Loan Facility, the EFSF, the ESM, and the International Monetary Fund.
The country has already fully repaid the IMF portion, which amounted to 32.1 billion euros ($36,5 billion). However, the outstanding balance on European bailout loans remains substantial, at approximately 211.4 billion euros ($241,5 billion).
The Greek Loan Facility provided 52.9 billion euros ($60 billion) in bilateral loans from eurozone countries. Greece still owes about 26.3 billion euros ($30 billion) in outstanding principal. By the end of 2026, that figure should fall to around 19 billion euros ($21,7 billion), with the country planning early repayments of roughly 5 billion euros ($5,7 billion) annually in the following years.
The largest outstanding amount relates to the EFSF. Of the 141.8 billion euros ($162 billion) Greece received through the facility, approximately 125.7 billion euros ($143,6 billion) remains unpaid. Under the current schedule, those repayments will continue until 2070.
Greece also received 58.8 billion euros ($67 billion) in ESM loans under its third bailout program. The country is due to repay those loans from 2034 through 2060.
Additional European loans push obligations above 230 billion euros
Beyond the bailout-era facilities, Greece also carries other European loan obligations. These include loans from the European Investment Bank and the EU’s SURE unemployment-support program, with a combined outstanding balance of 11.6 billion euros ($13,2 billion).
Greece has also received 11.4 billion euros ($13 billion) in loans through the Recovery and Resilience Facility, the EU’s post-pandemic recovery mechanism. Repayments on those loans are expected to begin in 2032.
When these additional obligations are included, Greece’s long-term repayment burden exceeds 230 billion euros ($262,8 billion).
Debt ratio falling still highest in EU
The Fiscal Council noted that Greece’s public debt fell to 146.1 percent of GDP at the end of 2025, down by eight percentage points from the previous year. However, Greece still has the highest debt ratio in the European Union.
The downward trend is expected to continue in 2026, with public debt projected to fall to 136.8 percent of GDP. If confirmed, that would bring Greece below the symbolic 140 percent threshold and mark another step in the country’s long effort to restore fiscal stability.
The report projects that the debt ratio could fall below 120 percent of GDP by 2029, supported by nominal GDP growth and sustained primary budget surpluses.
Greece’s bailout-era loans keep primary surpluses central to debt strategy
The Fiscal Council stressed that Greece’s debt repayment path depends heavily on the country’s ability to maintain primary surpluses over the long term.
Greece recorded a primary surplus of 4.9 percent of GDP in 2025, while the 2026 figure is expected to ease to 3.2 percent. The European Commission has recommended that Greece maintain average annual primary surpluses of about 2 percent of GDP in the short and medium term.
Maintaining such fiscal discipline for decades remains a significant challenge. The report cautions that debt projections depend on future interest rates, economic growth, tax revenue, and the cost of new borrowing from private investors.
Although Greece has benefited from favorable loan terms and long maturities on much of its official-sector debt, the Fiscal Council warned that the country’s improving debt trajectory should not be treated as guaranteed. It said continued fiscal prudence will remain necessary to keep borrowing costs contained and preserve market confidence.
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