
An IMF report released this week predicts that Greece’s public debt will be cut by 30 percentage points by 2029, with the Washington D.C.-based Fund also predicting that Italy, by that year, will have assumed the unenvious title of highest GDP-to-debt ratio among European countries – but with the former remaining in second place.
The consistently decreasing GDP-to-debt ratio is due to economic growth, inflation and a 2018 agreement between the coalition Greek government at the time and institutional creditors, mainly the ECB and Eurozone partners. The agreement extends to 2032 and includes so-called “interim measures” agreement between Greece and its creditors to reduce the public debt. The period after 2032, however, remains a question mark.
Specifically, the International Monetary Fund (IMF) forecasts that the GDP-to-debt ratio will drop to 168.8% by 2029, down from 138.8% in 2023. The forecast is included in the IMF report on Europe, entitled “Taming Public Debt in Europe: Outlook, Challenges, and Policy Response”.
Conversely, the IMF forecast for Italy has the same ratio for that country climbing to 144.9% in 2029, up from 137.3 in 2023.
The “calculus” for Greece, among others, is based on a forecast of a 2.1% primary budget surplus this year and in 2029. The latter is accompanied by forecasts for continued economic growth and inflation.


Latest News

‘MEGA NEWS’ – MEGA’s New 24-Hour Channel Debuts March 31
MEGA NEWS will be available via MEGA Play, the website www.megatv.com, and from May 1 on COSMOTE TV

Tax Debt in Greece Surpasses €110 Billion, 23% is Uncollectable
Over 70% of Greece's tax debt is owed by just 9,830 taxpayers, which are mostly large companies.

Goldman Sachs Maintains ‘Buy’ for PPC
The multinational investment bank and financial services company estimates PPC’s financial results were in line with expectations, with the American investment firm highlighting positive surprises in the execution of the company’s business plan.

Piraeus: Former Tobacco Factory to Become Vibrant Mixed-Use Hub
The development will feature 408 fully furnished apartments ranging from 44 to 69 square meters, including open-plan studios and one- or two-bedroom apartments.

Mitsotakis Announces Salary Increases for Armed Forces & Reaffirms Stance on Ukraine
From Paris, Greek Prime Minister Kyriakos Mitsotakis announced new salary increases for uniformed personnel

PPC: 2024 Goals on Target With EBITDA at 1.8bln€
Power utility announces data center 'valley' in western Macedonia of 1 GW, with energy of 2.7 GW

Chevron Eyes New Offshore Blocks South of Crete
This development follows Chevron’s recent interest in an offshore area south of the Peloponnese, a move that was reaffirmed today and has already been approved by the ministry.

Greece Announces Minimum Wage Increase to 880 Euros
Prime Minister Kyriakos Mitsotakis announced that Greece’s minimum wage will increase to 880 euros starting on April 1, 2025.

Renewable Energy: Greece Prepares for Easter Grid Strain
Greece will hold a meeting to prepare for potential blackouts over Easter, stemming from high renewable energy generation and low demand.

Turkish Tourism Surge Expected as Greece Extends Express Visa
There is growing support for making the program permanent, as it has proven to be a crucial factor in increasing visitor numbers to these islands.