Public debt rising again in the Eurozone: Greece tops the list

Public debt in the Eurozone is once again on the rise. According to data released by the European Statistical Office (Eurostat), the public debt-to-GDP ratio in the Eurozone reached 88.2% in the second quarter of 2025, up from 87.7% in the first quarter.

Across the European Union (EU) as a whole, the ratio increased from 81.5% to 81.9% over the same period. In total, public debt in the Eurozone amounted to €13.68 trillion, while the EU’s overall public debt reached €15.05 trillion.

Greece Remains the Most Indebted EU Country

Among EU member states, Greece recorded the highest public debt-to-GDP ratio at 151.2%, followed by:

Italy – 138.3%

France – 115.8%

Belgium – 106.2%

Spain – 103.4%

At the other end of the spectrum, the countries with the lowest debt ratios were Estonia (23.2%), Luxembourg (25.1%), and Bulgaria (26.3%).

EU Budget Deficits Also Widening

The EU’s budget deficit-to-GDP ratio rose slightly from 2.8% in the first quarter to 2.9% in the second quarter. In the Eurozone, the deficit remained stable at 2.7%.

Countries with the largest deficits included:

Romania – 8.7%

Poland – 8.5%

France – 5.4%

Belgium – 4.9%

Austria – 4.5%

Croatia – 4.2%

EU Fiscal Rules Under Pressure

Under EU fiscal discipline rules, member states’ public debt should not exceed 60% of GDP, and budget deficits should remain below 3%. If these thresholds are breached, governments must submit corrective action plans to the European Commission outlining measures to restore fiscal balance.

Economic Outlook

Experts warn that global economic uncertainty, high interest rates, and rising public spending could further intensify debt pressures across Europe in the long term.