Wealth inequality in Greece remains high years after debt crisis
Wealth inequality in Greece remains significantly higher than before the country's debt crisis, more than a decade after the financial turmoil that triggered a deep recession and widespread economic hardship, according to a European Central Bank (ECB) analysis cited by the newspaper Kathimerini.
The findings show that Greece, Spain, Italy, Portugal, Cyprus and Ireland continue to experience greater wealth disparities than before the sovereign debt crisis, despite a gradual recovery across much of the eurozone.
According to the ECB analysis, wealth inequality across the eurozone increased between 2010 and 2014 before gradually declining towards pre-crisis levels. However, the recovery was uneven, with the countries most severely affected by the debt crisis continuing to record significantly higher inequality.
Property losses widened the wealth gap
In Greece, concerns over the sustainability of public debt in early 2010 triggered a prolonged recession, with falling property prices playing a major role in widening wealth disparities.
Households with mortgages faced declining property values while their outstanding debts remained largely unchanged, worsening their financial position.
At the same time, lower-income households were forced to use their savings to cover basic living expenses, while wealthier households benefited from the faster recovery of financial markets, particularly stock prices.
The ECB analysis found that the wealth inequality coefficient in the crisis-hit countries continued rising until 2021. By 2023, it remained above its 2010 and 2014 levels, while in the rest of the eurozone it had fallen below pre-crisis levels.
The report attributed the persistent disparities partly to the difficulties financially vulnerable households face in rebuilding savings and to declining homeownership rates, particularly among younger generations.
More than half of Greeks cannot cover unexpected expenses
The economic pressures also continued during the coronavirus pandemic and the inflation surge between 2021 and 2023.
Although government support measures and the decline in the real value of debt helped ease inequality across the broader eurozone, the benefits were not evenly distributed.
Separate Eurostat figures underline the extent of financial vulnerability in Greece.
In 2025, 50.5% of people in Greece were unable to cover unexpected expenses, the highest proportion in the European Union and significantly above the EU average of 29.2%.
The figure was also higher than in Latvia, at 43.7%, Bulgaria, at 42.4%, and the Netherlands, at 15.3%.
The findings highlight the lasting economic consequences of Greece's debt crisis, with household financial vulnerability and wealth disparities remaining major challenges despite years of economic recovery.
Source:AA
